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EGP > SEC Filings for EGP > Form 8-K on 25-Feb-2014All Recent SEC Filings

Show all filings for EASTGROUP PROPERTIES INC

Form 8-K for EASTGROUP PROPERTIES INC


25-Feb-2014

Entry into a Material Definitive Agreement, Financial Statements and Exh


ITEM 1.01 Entry Into a Material Definitive Agreement.
On February 19, 2014, EastGroup Properties, Inc. (the "Company") entered into separate Sales Agency Financing Agreements (the "Agreements") with each of BNY Mellon Capital Markets, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Raymond James & Associates, Inc. (each a "Sales Agent" and collectively, the "Sales Agents"). Under the terms of the Agreements, the Company may issue and sell, from time to time, up to 10,000,000 shares of common stock, $0.0001 par value per share (the "Shares"). The Sales Agents will act as the Company's agent in connection with any offerings of the Shares under the Agreements.

The Shares may be offered in one or more selling periods, none of which will exceed 20 trading days. The sales, if any, of the Shares under the Agreement will be made in "at the market" offerings as defined in Rule 415 of the Securities Act of 1933, including sales made directly on the New York Stock Exchange, to or through a market maker or through an electronic communications network, or if the Company and a Sales Agent agree in writing, sales may be made in privately negotiated transactions. The Company shall specify to a Sales Agent
(i) the maximum number of the Shares to be sold during each selling period, which may not exceed 500,000 shares without a Sales Agent's prior written consent and (ii) the minimum price below which sales may not be made, which may not be less than $1.00 per share without a Sales Agent's prior written consent. The Company will pay each Sales Agent a commission not to exceed 2% of the sales price of all Shares sold through it as agent under the applicable Agreement plus its reasonable documented out-of-pocket expenses including fees and expenses of counsel (up to $40,000 in the aggregate) as well as legal fees in connection with continuing due diligence (up to $10,000 for any fiscal quarter) in connection with its services under the Agreement.

The Shares will be issued pursuant to the prospectus supplement filed on February 19, 2014 and the Company's automatic shelf registration statement on Form S-3 (File No. 333-193974) filed on February 14, 2014 with the Securities and Exchange Commission. This Current Report shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

The Agreements are filed as Exhibit 1.1, 1.2 and 1.3 to this Current Report on Form 8-K and each is incorporated herein by reference; the description of the material terms of each Agreement is qualified in its entirety by reference to that exhibit.

Page 2 of 3



ITEM 9.01. Financial Statements and Exhibits

(d) Exhibits.

1.1 Sales Agency Financing Agreement dated February 19, 2014 between EastGroup Properties, Inc. and BNY Mellon Capital Markets, LLC.

1.2 Sales Agency Financing Agreement dated February 19, 2014 between EastGroup Properties, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated

1.3 Sales Agency Financing Agreement dated February 19, 2014 between EastGroup Properties, Inc. and Raymond James & Associates, Inc.

5 Opinion of Jaeckle Fleischmann & Mugel, LLP in connection with the Shares.

23 Consent of Jaeckle Fleischmann & Mugel, LLP (included in Exhibit 5).

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