Glimcher Realty Trust (GRT: Quote) said Wednesday that it plans to sell 17.5 million common shares pursuant to its effective shelf registration statement previously filed with the Securities and Exchange Commission.
The underwriters will be granted a 30-day option to purchase up to an additional 2.625 million shares of common stock.
The company said it plans to use the net proceeds from the offering to fund the acquisition of the 80% indirect ownership interest in Pearlridge Center in Honolulu, Hawaii held by affiliates of Blackstone Real Estate Partners VI or for other general corporate purposes, which may include the payment of a portion of the balance outstanding on our credit facility.
by RTT Staff Writer
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