Cousins Properties Announces Exercise of Added Shares by Underwriters
Cousins Properties Incorporated (the “Company”) (NYSE: CUZ) today announced the completion of its public offering of 60,000,000 shares of the Company's common stock, plus an additional 9,000,000 shares of the Company's common stock issued and sold pursuant to the exercise of the underwriters' option to purchase additional shares in full, at the public offering price of $10.00 per share.
The net proceeds from the offering, after deducting the underwriting discount and offering expenses, were approximately $661.3 million.
The Company intends to use the net proceeds of the offering to fund a portion of the purchase price (and related transaction expenses) of the previously announced pending acquisition of a 5.3 million square foot Texas office portfolio comprised of Greenway Plaza, a 10-building office complex in Houston, Texas, and 777 Main Street, a Class A office tower in Fort Worth, Texas, for a total purchase price of approximately $1.1 billion. Any remaining proceeds will be used for general corporate purposes, including the redemption of all or a portion of the Company's Series B Preferred Stock, the acquisition and development of office properties, other opportunistic investments and the repayment of debt.
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