In the News
October 2, 2008
Kite Realty prices common stock offering
Kite Realty Group Trust on Oct. 2 priced its public offering of 4.75 million newly issued common shares at $10.55 per share.
The offering was increased in size from the originally contemplated 3.0 million shares.
Additionally, the company granted the underwriters an option to purchase up to an additional 712,500 shares during the next 30 days to cover any overallotments.
Kite estimates that the net proceeds from the offering, before offering expenses, will be approximately $47.9 million, or approximately $55.0 million if the underwriters' overallotment option is exercised in full.
The offering is expected to close Oct. 7.
The company intends to use all of the net proceeds to repay borrowings under its unsecured revolving credit facility, upon which it expects to later draw to fund a portion of its development and redevelopment projects and future acquisitions, to repay outstanding indebtedness and for working capital and other general corporate purposes.
Raymond James, Citi and Banc of America Securities LLC are the joint book-running managers for the offering. RBC Capital Markets is joint lead manager, and KeyBanc Capital Markets is co-manager for the offering.
