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Alexandria Real Estate Equities Inc Announces Closing Of Public Offering Of 7,590,000 Shares Of Common Stock

Friday, 17 May 2013 09:35am EDT 

Alexandria Real Estate Equities Inc announced that it completed the sale of its previously announced underwritten public offering of shares of common stock. The Company sold a total of 7,590,000 shares of common stock at a price of $73.50 per share, including 990,000 shares issued pursuant to the exercise in full of the underwriters' option to purchase additional shares. The net proceeds of the sale were approximately $535.5 million, after payment of underwriting discounts and commissions. The Company intends to initially use the net proceeds from this offering to reduce the outstanding balance on its unsecured senior line of credit. The Company may then borrow from time to time under its unsecured senior line of credit to fund the selective development or redevelopment of life science properties, to fund property acquisitions, to repay other debt, or for general working capital and other corporate purposes. BofA Merrill Lynch, Citigroup, and J.P. Morgan acted as joint book-running managers; RBS and Scotiabank acted as co-lead managers; and Baird, BB&T Capital Markets, BNY Mellon Capital Markets, LLC, Capital One Southcoast, Credit Agricole CIB, Credit Suisse, Evercore Partners, Mitsubishi UFJ Securities, SMBC Nikko, and SunTrust Robinson Humphrey acted as co-managers in connection with the public offering. 

Company Quote

0.81 +1.00%
21 Oct 2014