First Potomac Realty Trust (FPO) announced it had priced an underwritten public offering of 6.5 million common shares of beneficial interest at a public offering price of $14.70 per share, for net proceeds of approximately $91.1 million. The offering was upsized from an original amount of 6 million shares. The offering is expected to close on or about May 24.
The company said it intends to use the net proceeds to repay outstanding indebtedness consistent with its strategic and capital plan, including the amounts outstanding under secured term loans and a portion of the amounts outstanding under unsecured revolving credit facility, and for general corporate purposes.
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