First Potomac Realty Trust (FPO) said Monday that it had commenced an underwritten public offering of 6 million common shares of beneficial interest.
The company plans to grant the underwriters a 30-day option to purchase up to an additional 900,000 common shares at the public offering price, less the underwriting discount.
The company said it plans to use the net proceeds of the offering to repay outstanding indebtedness consistent with its strategic and capital plan, including the amounts outstanding under its secured term loans and a portion of the amounts outstanding under its unsecured revolving credit facility, and for general corporate purposes.
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