San Diego-based Retail Opportunity Investments Corp. (ROIC) on July 6 announced the start of a public offering of common stock shares, expected to generate net proceeds of approximately $115.8 million after underwriting and related expenses.
ROIC plans to sell 5.7 million shares of common stock at a price of $21.25 per share. The company has granted underwriters a 30-day option to purchase an additional 855,000 shares.
Officials said ROIC intends to use net proceeds from the offering to reduce borrowings under its $500 million unsecured revolving credit facility, incurred in part to fund property acquisitions, and for other general corporate purposes.
Headquartered in University Towne Center, ROIC invests primarily in grocery-anchored shopping centers on the West Coast. As of March 31, it owned 75 properties totaling approximately 8.8 million square feet.