BioMed Realty Announces Stock OfferingMonday, February 18, 2013
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