Equity Residential Prices 19M Common Share Offering at $54.75/Share
Equity Residential (NYSE: EQR) announced Wednesday the pricing of a
public offering of 19 million common shares at $54.75 per share. The
Company has also granted the underwriters a 30-day option to purchase up
to an additional 2.85 million common shares to cover over-allotments, if
any. Settlement of the sale will occur on December 4, 2012.
The Company intends to use the net proceeds from the offering of
approximately $1.0 billion net of underwriting fees and estimated
expenses to fund a portion of the cash purchase price for the
acquisition of assets of Archstone Enterprise LP. If the acquisition is
not consummated, the Company plans to use the net proceeds from the
offering for working capital and general company purposes.