Franklin Street Properties (FSP) to Offer 6.125M Common Shares
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Franklin Street Properties Corp. (NYSE: FSP) today announced that it has commenced an underwritten public offering of 6,125,000 shares of its common stock. The underwriters are expected to be granted a 30-day option to purchase up to an additional 918,750 shares.
The Company intends to use the net proceeds of the offering to repay approximately $45.5 million under its senior unsecured revolving credit facility that was recently borrowed in anticipation of funding the acquisition of Pershing Park Plaza, an urban infill Class “A” office property located at 1420 Peachtree Street, NE, Atlanta, Georgia, and to fund estimated redevelopment costs of $15 million to $20 million at its property at 801 Marquette Avenue, Minneapolis, Minnesota. The offering is not contingent upon the redevelopment of 801 Marquette.
Any proceeds of the offering not applied to the Pershing Park Plaza acquisition or the 801 Marquette redevelopment will be used to repay amounts outstanding under the Company’s senior unsecured revolving credit facility and/or for general corporate purposes, including funding future acquisitions and investments.
Baird and BMO Capital Markets are acting as active bookrunners, Stifel is acting as passive bookruner and Wunderlich is acting as senior co-manager for the offering.
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Create E-mail Alert Related CategoriesEquity Offerings
Related EntitiesStifel, Robert W Baird, BMO Capital, Wunderlich Securities, Definitive Agreement
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