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First Potomac Realty Trust Raises $104.9 Mln Net Proceeds From Stock Offering

First Potomac Realty Trust (FPO) said Friday that it has completed its public offering of 7.475 million common shares of beneficial interest, including 975,000 common shares issued and sold pursuant to the exercise of the underwriters' option to purchase additional common shares in full, at a public offering price of $14.70 per share.

The net proceeds of the offering, after deducting the underwriting discount and estimated offering costs, were about $104.9 million.

The company plans to use the net proceeds of the offering to repay outstanding indebtedness consistent with its strategic and capital plan, including the amounts outstanding under its secured term loans and a portion of the amounts outstanding under its unsecured revolving credit facility, and for general corporate purposes.

by RTT Staff Writer

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