Equity LifeStyle Properties (ELS) Prices 4M Shares At $33.35 A Share
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Equity LifeStyle Properties, Inc. (NYSE: ELS) announced the pricing of its public offering of 4,000,000 newly issued shares of common stock at a price to public of $33.35 per share.
Merrill Lynch & Co. and Wachovia Securities are acting as joint book-running managers of the public offering. The Company has granted the underwriters a thirty-day option to purchase up to 600,000 additional shares of common stock to cover overallotments, if any.
Equity LifeStyle Properties estimates that the net proceeds from this offering, after deducting the underwriting discount and other estimated offering expenses, will be approximately $127.2 million (or approximately $146.4 million if the underwriters' overallotment option is exercised in full). The offering is expected to settle on June 29, 2009.
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