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Lexington Realty Trust Prices Public Offering Of 10.00 Mln Shares At $11.17/shr

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Lexington Realty Trust (LXP: Quote), a real estate investment trust focused on single-tenant real estate investments, announced Friday that it priced an underwritten public offering of 10.00 million common shares at a public offering price of $11.17 per share.

It expects that the gross proceeds from the offering will be $111.7 million before underwriting discounts and commissions and estimated offering expenses.

The company also granted the underwriters of the offering a 30-day option to purchase up to an additional 1.50 million common shares. The offering is expected to close on or about October 17, 2013, subject to customary closing conditions.

The firm expects to use all of the net proceeds of the offering to pay down amounts outstanding under its unsecured revolving credit facility, a portion of which was used to fund the previously announced acquisition of the three long-term leased land parcels in New York, New York.

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by RTT Staff Writer

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Stocks are likely to jump sharply at the start of trading on Friday, extending the upward move seen over the course of the previous session. The major index futures are currently pointing to a substantially higher open for the markets, with the Dow futures up by 169 points. Eurozone inflation rose slightly in October but it remained consistently below 1 percent, signifying the risk of deflation in the currency bloc. At the same time, the unemployment rate held steady at an elevated level in September. Inflation rose marginally to 0.4 percent in October from 0.3 percent in September, flash data from Eurostat showed Friday. Russia's central bank lifted its key rate sharply by a bigger-than-expected 150 basis points to counteract the slide in ruble and rising inflation. The Bank of Russia decided on Friday to raise its key rate to 9.50 percent from 8 percent. The bank was expected to hike its rate by 50 basis points. This was the fourth interest rate increase this year.
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