Worth Watching Stocks on the Move: Independence Realty Trust Inc (NYSEMKT:IRT), J C Penney Company Inc (NYSE:JCP)

On Friday, Shares of Independence Realty Trust Inc (NYSEMKT:IRT), SUBTRACT -2.60% and closed at $9.00 in the last trading session. The last trading range of the stock ranges between $8.97 and $9.18. Independence Realty Trust, Inc. (NYSE MKT: IRT) (the “Company”) recently declared the pricing of its public offering of 25,000,000 shares of common stock at a public offering price of $9.00 per share for total gross proceeds of $225.0 million. The offering is expected to close on October 5, 2016, subject to the satisfaction of customary closing conditions. The Company has granted the underwriters a 30-day option to purchase up to 3,750,000 additional shares of common stock at the public offering price, less underwriting discounts and commissions.

Citigroup is acting as the sole book-running manager of the offering. KeyBanc Capital Markets, Deutsche Bank Securities, and BofA Merrill Lynch are acting as joint lead managers of the offering. Capital One Securities, FBR, Ladenburg Thalmann, William Blair, Compass Point, Huntington Investment Company, Wunderlich, Ramirez & Co., Inc. and Comerica Securities are acting as co-managers of the offering.

The Company intends to use the net proceeds from the offering to (i) repay in full the Company’s $40.0 million senior secured term loan facility, (ii) pay $43.0 million for the formerly-declared internalization of the Company’s administration, as described in the prospectus supplement referenced below, and (iii) repurchase up to 7,269,719 shares of the Company’s common stock held by auxiliaries of RAIT Financial Trust. Any remaining proceeds will be used to repay outstanding borrowings under the Company’s $325.0 million senior secured credit facility.

J C Penney Company Inc (NYSE:JCP), DROPPED -0.32% and closed at $9.22 in the last trading session. The last trading range of the stock ranges between $9.09 and $9.39. The company’s Market capitalization is $2.83 Billion with the total Outstanding Shares of 307.73 Million. J. C. Penney Company, Inc. (JCP) declared that starting Oct. 5, it will offer a refund for customers who purchased the Royal Velvet® Egyptian cotton towels or the Royal Velvet Egyptian cotton damask stripe comforter set. Results from a traceability audit were found to be inconclusive, and therefore JCPenney is unable to provide complete assurance that these products were made using 100 percent Egyptian fibers.

While the products pose no safety concerns and are expected to provide long-lasting durability and performance, the Company is giving concerned customers the option of bringing the following items into a local JCPenney store for a refund of the purchase price:

Royal Velvet Egyptian cotton bath towels, which includes the complementary hand towels, washcloths and bath sheets in more than a dozen colors;

Royal Velvet 400tc Damask Stripe Egyptian Cotton Comforter Set, which includes matching sham(s) available in 12 colors.

Each product can be identified with a sewn-in hem tag reflecting the Royal Velvet brand together with fabric content described as “Egyptian cotton loops” or “100% Egyptian cotton.” The refund does not apply to other Egyptian cotton textiles sold at JCPenney.

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