Corporate Office Properties Trust Prices 3.9M Share Offering
Corporate Office Properties Trust (NYSE: OFC) has priced its previously announced public offering of 3,900,000 newly issued common shares of beneficial interest for estimated gross proceeds, before deducting underwriting discounts and commissions and estimated offering expenses, of approximately $106.3 million. The Company has granted the underwriter an option to purchase up to an additional 585,000 shares during the next 30 days.
The offering is expected to close on or about March 19, 2013. The Company intends to use the proceeds to redeem its outstanding 7.625% Series J Cumulative Redeemable Preferred Shares (NYSE:OFCPrJ) and for general corporate purposes.
BofA Merrill Lynch is acting as the book-running manager for the common share offering and may offer the common shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.