In the News
September 24, 2008
Corporate Office Properties prices public offering
Corporate Office Properties Trust on September 24 priced its public offering of 3.25 million newly issued common shares at $39.00 per share.
The company increased the size of the offering from the originally contemplated 2 million shares.
The company also granted the underwriters an option to purchase up to an additional 487,500 shares during the next 30 days to cover any overallotments.
Corporate Office Properties estimates that the net proceeds from the offering, before offering expenses, will be approximately $121 million, or approximately $139 million if the underwriters' overallotment option is exercised in full.
The company plans to use the net proceeds from the sale to fund development costs and other investing activities, as well as for general corporate purposes. Initially, it will use the funds to repay amounts outstanding under its unsecured revolving credit facility.
The offering is expected to close September 29.
The joint book-running managers for the offering are Raymond James & Associates, Inc., Banc of America Securities LLC, Citi and JPMorgan Securities Inc. Robert W. Baird & Co., RBC Capital Markets and Stifel Nicolaus & Co. Inc. are acting as senior co-managers. BMO Capital Markets Corp. and Morgan Keegan & Co. Inc. are acting as co-managers.
