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FMR LLC Will Aid Grubb in Refinancing Its Credit Lines
On Tuesday, FMR LLC, which is a Boston-based fund manager, announced that it has an ownership stake of 13% in Grubb & Ellis Co., which is a Santa Ana-based company. FMR Fidelity’s investments amount to more than $1.4 trillion in terms of assets under management. It is the first investor firm that has disclosed its stake in Grubb & Ellis Co. after the real estate brokerage and investor firm had declared a refinancing plan of around $90 million at the end of October. This share investment was completed last week only.
The refinancing plan of Grubb will actually prove to be of help in paying off the two credit lines of the company that amounts to a gross $67 million. It would also double the amount of outstanding shares of the company.
On Monday, Grubb had announced that Thomas D’Arcy would be leading it as the chief executive and president in a week’s time. But the company hadn’t shared any details about the institutional investors who were involved in the refinancing plan.
FMR shared its ownership details in the company while submitting reports to the Securities and Exchange Commission. FMR has been long involved in Orange County investments. It has been an investor with many other companies as well like Abbott Medical Optics and Foothill Ranch’s Wet Seal Inc. and on Tuesday only it reported an increased stake in the Irvine-based Epicor Software Corp.