Gladstone Commercial Corp. (GOOD) announced that it has priced its public offering of 1.32 million shares of its common stock at a price to the public of $18.82 per share.
The offering was increased in size from the originally contemplated 1.10 million shares of common stock. The company said it also granted the underwriters a 30-day option to purchase up to 198,000 additional shares of common stock to cover over-allotments, if any.
Subject to customary conditions, the offering is expected to close on or about June 24, 2013.
The net proceeds to the company, after deducting the underwriting discount and estimated offering expenses, are expected to be about $23.5 million, exclusive of the underwriters' over-allotment option.
The company noted that it intends to use the net proceeds from this offering to fund pending and future property acquisitions, including the pending acquisition of a 320,597-square foot office building located in Texas, and repay debt and for general corporate purposes.
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