Paramount Group (PGRE) Complets 150.65M Common IPO

Paramount Group (NYSE: PGRE) announced that it has completed its initial public offering of 150,650,000 shares of its common stock at a public offering price of $17.50 per share, which includes the full exercise of the underwriters’ option to purchase an additional 19,650,000 shares of common stock, resulting in gross proceeds of $2.6 billion.

The Company intends to use the net proceeds from the offering of $2.5 billion, after deducting underwriting discounts and commissions and offering expenses, to repay outstanding indebtedness and any applicable prepayment costs, exit fees, defeasance costs and settlement of interest rate swap liabilities associated with such repayment and to pay cash consideration in connection with its formation transactions. The Company expects to use any remaining net proceeds for general corporate purposes, capital expenditures and potential future acquisitions.

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