Finance REITs
April 9, 2009
Industrial REIT ProLogis has raised some $1 billion via a public stock offering that saw 152 million common shares sold for $6.60 per share. The firm plans to use the proceeds to pay down debt. The offering's underwriters have a 30-day option to acquire up to 22.8 million shares to cover over-allotments. The offering was ProLogis's latest move to shore up its balance sheet and reduce debt by some $2 billion. Last week the firm was removed from Standard & Poor's CreditWatch, but the agency's outlook remains negative for the REIT at the moment.
Industrial REIT ProLogis has raised some $1 billion via a public stock offering that saw 152 million common shares sold for $6.60 per share. The firm plans to use the proceeds to pay down debt. The offering's underwriters have a 30-day option to acquire up to 22.8 million shares to cover over-allotments. The offering was ProLogis's latest move to shore up its balance sheet and reduce debt by some $2 billion. Last week the firm was removed from Standard & Poor's CreditWatch, but the agency's outlook remains negative for the REIT at the moment.
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