CommonWealth REIT (CWH) announced that it has priced an underwritten public offering of $175 million of 5.75% unsecured senior notes due August 1, 2042.
The company said it expects to use the net proceeds from this offering to redeem some or all of its outstanding 7 1/8% Series C Cumulative Redeemable Preferred Shares, repay amounts outstanding under its revolving credit facility, and for general business purposes, including funding possible future acquisitions of properties.
The settlement of this offering is expected to occur on July 25, 2012. The company noted that the granted the underwriters an option to purchase up to $26.25 million of additional notes within 30 days to cover overallotments, if any.
The company noted that it intends to apply to list the notes on the New York Stock Exchange and, if approved, expects trading to begin within 30 days after the original issue date of the notes.
For comments and feedback: editorial@rttnews.com