Alexandria Real Estate Equities, Inc. (ARE) said Monday that it is commencing an underwritten public offering of 6 million shares of common stock.
The company expects to grant the underwriters a thirty-day option to purchase up to 900,000 additional shares.
The company said it plans to initially use the net proceeds from this offering to reduce the outstanding balance on its unsecured senior line of credit. The company may then borrow from time to time under its unsecured senior line of credit to fund the selective development or redevelopment of life science properties, to fund property acquisitions, to repay other debt, or for general working capital and other corporate purposes.
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