Parkway Properties (PKY) Prices Upsized 11M Common Offering

March 20, 2013 6:14 AM EDT
Parkway Properties, Inc. (NYSE: PKY) priced its previously announced underwritten public offering of 11,000,000 shares of common stock at a public offering price of $17.25 per share. The underwriters for the public offering have been granted a 30-day option to purchase up to an additional 1,650,000 shares of common stock at the public offering price, less the underwriting discount. The Company estimates that net proceeds, after deducting the underwriting discount and estimated offering expenses payable by the Company, will be approximately $181.8 million, or $209.1 million if the underwriters exercise their option to purchase additional shares in full. The shares are expected to be delivered on or about March 25, 2013, subject to customary closing conditions.

The total amount is up from 10 million initially offered.

The Company intends to use the proceeds of the offering to redeem in full all of the outstanding 8.00% Series D Cumulative Redeemable Preferred Stock, to fund potential acquisition opportunities, to repay amounts outstanding from time to time under its senior unsecured revolving credit facility and/or for general corporate purposes.

BofA Merrill Lynch and Wells Fargo Securities are the joint lead-bookrunners for the offering, and KeyBanc Capital Markets and RBC Capital Markets are the joint bookrunners for the offering. The senior co-managers of the offering are Credit Suisse and Raymond James, and the co-managers of the offering are BMO Capital Markets and Stifel.

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