Kite Realty (KRG) Prices Upsiized 10.5M Offering at $5.20/Share
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Price: $21.69 +1.59%
Overall Analyst Rating:
NEUTRAL (
Up)
Dividend Yield: 4.8%
Revenue Growth %: -7.9%
Overall Analyst Rating:
NEUTRAL (
Up)Dividend Yield: 4.8%
Revenue Growth %: -7.9%
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Kite Realty Group Trust (NYSE: KRG) has priced, in an underwritten public offering, 10,500,000 additional shares of its common shares of beneficial interest at a public offering price of $5.20 per share.
The amount is up from 9.5 million announced on Tuesday.
The underwriters have been granted a 30-day option to purchase up to an additional 1,575,000 Common Shares. The Company estimates that the net proceeds from this offering, after deducting the underwriting discount and estimated offering expenses payable by the Company, will be approximately $52.0 million, or approximately $59.9 million if the underwriters’ option to purchase additional Common Shares is exercised in full.
The Company intends to use all of the net proceeds from this offering to repay amounts outstanding under its revolving credit facility. Such net proceeds may be redeployed for other general corporate purposes, including the acquisition of properties and redevelopment costs.
The offering, which is subject to customary closing conditions, is expected to close on or about October 22, 2012.
BofA Merrill Lynch, Citigroup, KeyBanc Capital Markets and Raymond James are acting as the book-running managers for the offering. Wells Fargo Securities is acting as the lead manager for the offering. RBC Capital Markets is acting as the senior co-manager for the offering. Evercore Partners and The Huntington Investment Company are acting as co-managers for the offering.
The amount is up from 9.5 million announced on Tuesday.
The underwriters have been granted a 30-day option to purchase up to an additional 1,575,000 Common Shares. The Company estimates that the net proceeds from this offering, after deducting the underwriting discount and estimated offering expenses payable by the Company, will be approximately $52.0 million, or approximately $59.9 million if the underwriters’ option to purchase additional Common Shares is exercised in full.
The Company intends to use all of the net proceeds from this offering to repay amounts outstanding under its revolving credit facility. Such net proceeds may be redeployed for other general corporate purposes, including the acquisition of properties and redevelopment costs.
The offering, which is subject to customary closing conditions, is expected to close on or about October 22, 2012.
BofA Merrill Lynch, Citigroup, KeyBanc Capital Markets and Raymond James are acting as the book-running managers for the offering. Wells Fargo Securities is acting as the lead manager for the offering. RBC Capital Markets is acting as the senior co-manager for the offering. Evercore Partners and The Huntington Investment Company are acting as co-managers for the offering.
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