ATLANTA-Cousins Properties Inc. reports it has raised $165.1 million in a stock offering, a significant portion of which will be used to close on the acquisition of 816 Congress St. in Austin, TX.
The firm states in a release that the property is under contract and is expected to close by the end of this month. The seller of the 20-story, 433,000-square-foot building is reportedly an affiliate of Lehman Brothers Holdings Inc. In addition, the company plans to use a portion of the net proceeds to redeem in full its outstanding 7.75% Series A Cumulative Redeemable Preferred Stock.
The public offering of 14,354,000 shares of the company's common stock, plus an additional 2,153,100 shares of the company's common stock, were issued and sold at the public offering price of $10.45 per share, company officials state.
The net proceeds from the offering, after deducting the underwriting discount and offering expenses, totaled approximately $165.1 million.
BofA Merrill Lynch, J.P. Morgan, Morgan Stanley and Wells Fargo Securities acted as joint book-running managers for the offering.
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