DCT Industrial Trust (DCT) Announces Pricing of 24M Shares At $4.25
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DCT Industrial Trust Inc. (NYSE: DCT) announced that it priced a public offering of 24,000,000 shares of common stock at a price per share of $4.25. In addition, DCT Industrial Trust has granted to the underwriters for the public offering an option for 30 days to purchase up to 3,600,000 additional shares of common stock to cover overallotments, if any. Merrill Lynch & Co., J.P. Morgan and Wachovia Securities acted as the joint book-running managers. Subject to customary closing conditions, the offering is expected to close on or about June 5, 2009.
The estimated net proceeds to the Company from the offering, before giving effect to any exercise of the underwriters' overallotment option, are expected to be approximately $96.8 million. The Company plans to use the net proceeds from the offering for general corporate purposes, which may include the repayment of debt.
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