Colonial Properties launches share offering
Colonial Properties offers 9 million shares of common stock
- On 7:56 pm EDT, Tuesday September 29, 2009
BIRMINGHAM, Ala. (AP) -- Colonial Properties Trust said Tuesday it has opened a public offering of 9 million common shares.
The Birmingham-based real estate investment trust plans to use the proceeds to repay debt owed under its credit revolver and for general expenses.
The underwriters will have the option to buy an additional 1.35 million shares to cover any overallotments. BofA Merrill Lynch, Wells Fargo Securities and UBS Investment Bank are the joint book-running managers.
Colonial shares fell 74 cents, or 6.9 percent, to $10 in aftermarket trading Tuesday.
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