COPT Prices Offering of 6,000,000 Series L Cumulative Preferred Shares
Corporate Office Properties Trust (COPT) (NYSE: OFC), an office real estate investment trust (REIT) that focuses primarily on serving the specialized requirements of U.S. Government and Defense Information Technology tenants, announced the pricing of its public offering of 6,000,000 of its 7.375% Series L Cumulative Preferred Shares with a liquidation preference of $25.00 per share. The Company has granted the underwriters an option to purchase up to an additional 900,000 shares during the next 30 days to cover any over-allotments. The Company estimates the net proceeds from this offering, after deducting the underwriting discount but before offering expenses, will be approximately $144 million or approximately $166 million if the underwriters' over-allotment option is exercised in full. The offering is expected to close on June 27, 2012.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.