Real estate investment firm BioMed Realty Trust Inc. has announced an offering of 12.7 million shares of common stock, with expected gross proceeds of approximately $260.4 million.
A statement from the San Diego-based real estate investment trust said shares have been priced at $20.50 per share, with the offering expected to close on or about Feb. 19. Officials said BioMed plans to use net proceeds to fund a recently announced property acquisition, and also to fund a portion of the redemption of all 7.92 million outstanding shares of its 7.375 percent Series A cumulative preferred stock.
The company also plans to repay a portion of its outstanding debt under its unsecured credit line, and meet other general corporate and working capital needs.
BioMed has also granted the offering’s underwriters a 30-day option to purchase up to an additional 1,905,000 shares of its common stock. Morgan Stanley & Co. LLC, Raymond James & Associates Inc., UBS Securities LLC and Wells Fargo Securities LLC are the joint book-running managers for the offering.
BioMed invests in life sciences real estate and trades under the symbol BMR on the New York Stock Exchange.
— SDBJ Staff Report