Kite Realty Group (KRG) Commences 12.5M Common Share Offering
Get Alerts KRG Hot Sheet
Price: $21.72 +0.14%
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 commenced an underwritten public offering of 12,500,000 common shares of beneficial interest. BofA Merrill Lynch, KeyBanc Capital Markets, Citigroup and Wells Fargo Securities will be serving as the joint book-running managers for this offering. The underwriters will be granted a 30-day option to purchase up to an additional 1,875,000 common shares of beneficial interest.
The Company intends to use a portion of the net proceeds from this offering initially to repay approximately $62.2 million of outstanding indebtedness under the Company’s revolving credit facility and the remainder for the acquisition of properties. Such net proceeds that initially are used to repay outstanding indebtedness under the revolving credit facility are expected to be redeployed for other general corporate purposes, including the acquisition of properties and funding development costs.
The offering is being made pursuant to a shelf registration statement filed with the Securities and Exchange Commission, which became effective on January 11, 2012. A prospectus supplement relating to the offering will be filed with the Securities and Exchange Commission.
The Company intends to use a portion of the net proceeds from this offering initially to repay approximately $62.2 million of outstanding indebtedness under the Company’s revolving credit facility and the remainder for the acquisition of properties. Such net proceeds that initially are used to repay outstanding indebtedness under the revolving credit facility are expected to be redeployed for other general corporate purposes, including the acquisition of properties and funding development costs.
The offering is being made pursuant to a shelf registration statement filed with the Securities and Exchange Commission, which became effective on January 11, 2012. A prospectus supplement relating to the offering will be filed with the Securities and Exchange Commission.
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