October 6, 2010 / 11:13 AM / 9 years ago

Eola Property to raise up to $675 million in IPO

BANGALORE (Reuters) - Eola Property Trust filed with U.S. securities regulators Wednesday to raise up to $675 million in an initial public offering of its common stock.

The Orlando, Florida-based commercial real-estate investment trust said it intends to use about $389.5 million of the proceeds to repay debt, and about $141.6 million to acquire a property.

The company said it plans to list its common stock under the ticker symbol “EOLA” on the New York Stock Exchange, but did not specify the number of shares it plans to sell or their expected price.

Eola Property told the U.S. Securities and Exchange Commission in a preliminary prospectus that BofA Merrill Lynch, Barclays Capital and Wells Fargo Securities were underwriting the IPO.

Reporting by Abhinav Sharma in Bangalore; Editing by Don Sebastian

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