Realty Income Corp. of Escondido is conducting a public stock offering with anticipated net proceeds of approximately $329 million, expected to close on Oct. 25.
Officials of the real estate investment trust said an offering of 8.5 million shares has been priced at $40.63 per share, which would raise a total of approximately $345.3 million. The company plans to use net proceeds, after underwriting and related expenses, to repay borrowings under its $1 billion acquisition credit facility.
All shares in the offering are being sold by Realty Income, and the company has granted underwriters a 30-day option to purchase up to 1,275,000 additional shares to cover any overallotments.
The company lists 16 underwriters for the offering, including BofA Merrill Lynch, Morgan Stanley, Wells Fargo Securities, J.P. Morgan, Jefferies, RBC Capital Markets and UBS Investment Bank.
Realty Income (NYSE: O) invests in industrial, retail and related commercial properties.
— SDBJ Staff Report