CommonWealth REIT (CWH) said Friday that it has priced an underwritten public offering of $175 million of 5.75% unsecured senior notes due August 1, 2042.
The company has granted the underwriters an option to purchase up to $26.25 million of additional notes within 30 days to cover overallotments, if any.
The settlement of this offering is expected to occur on July 25.
The company expects to use the net proceeds from the 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.
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