Kite Realty Group Trust Announces Pricing of Common Share Offering

Tuesday, 9 Apr 2013 09:06am EDT 

Kite Realty Group Trust announced that it has priced its underwritten public offering of 13,500,000 of its common shares of beneficial interest at a public offering price of $6.55 per share. The underwriters have been granted a 30-day option to purchase up to an additional 2,025,000 Common Shares. The Company estimates that net proceeds from this offering, after deducting underwriting discount and estimated offering expenses payable by the Company, will be approximately $84.6 million, or approximately $97.4 million if the underwriters` option to purchase additional Common Shares is exercised in full. 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 expected to close on or about April 12, 2013. BofA Merrill Lynch, KeyBanc Capital Markets, Citigroup and Wells Fargo Securities are serving as the joint book-running managers for this offering. J.P. Morgan and Raymond James are serving as the lead managers for this offering. Evercore Partners, The Huntington Investment Company and Stifel are serving as the co-managers. 

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