BioMed Realty Trust Inc. has announced a price of $21.40 per share for its previously announced public offering of common stock, expected to generate gross proceeds of approximately $321 million.
The San Diego-based real estate investment trust said in a statement that it expects to close on the offering of 15 million shares on or about April 2. The company has also granted underwriters a 30-day option to purchase up to an additional 2.25 million shares.
Joint book-running managers for the offering are Morgan Stanley & Co. LLC, Raymond James & Associates Inc., UBS Securities LLC, Wells Fargo Securities LLC and KeyBanc Capital Markets Inc.
BioMed plans to use net proceeds of the offering to fund a portion of its recently announced $640 million acquisition of Baltimore-based Wexford Science & Technology LLC. It also plans to repay a portion of BioMed’s outstanding debt under its unsecured credit line, and put a portion of funds toward other general corporate and working capital purposes.
BioMed invests primarily in life-sciences real estate and trades under the symbol BMR on the New York Stock Exchange.
— SDBJ Staff Report