UPDATE 1-Alexandria offering priced at discount; shares down
* To offer 4 mln shrs at $53.25 apiece
* Shares down more than 8 pct
Sept 24 (Reuters) - Real estate investment trust Alexandria Real Estate Equities Inc (ARE.N) said its follow-on public offering of 4 million shares is priced at $53.25 a share, a discount of 6 percent to the stock's Wednesday's close on the New York Stock Exchange.
Shares of the company were down more than 8 percent at $52.01 in early morning trade.
The company, which increased the offering from 3 million shares it had announced on Wednesday, said it intends to initially use the net proceeds to reduce the outstanding balance on its unsecured line of credit.
Barclays Capital, Credit Suisse and UBS Investment Bank acted as joint bookrunning managers of the offering, which is expected to close on Sept. 29, the company said.
Underwriters have been granted a 30-day option to purchase up to 600,000 additional shares to cover over-allotments, if any, it said in a release. (Reporting by Bijoy Koyitty in Bangalore; Editing by Maju Samuel)
