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CHARLOTTE, NC-Locally based Cogdell Spencer Inc. set a new discounted price for its public stock offering, which is being increased by 11% to 20 million shares at $3.50 each. The medical office REIT plans to use the $66.8 million in proceeds to pay off debt held by its subsidiary, Marshall Erdman & Associates Inc., which was acquired last year.

The company’s shares, which have traded as high as $19.95 per share over the past year, fell to a new 52-week low of $3.60 on the New York Stock Exchange after the new offering was announced Wednesday morning. Frank Spencer, chief executive of Cogdell Spencer, says the increased offering is intended to raise more capital.

“It’s a real vote of confidence” in the company, Spencer told the Charlotte Business Journal. “The infusion of capital allows us to reduce debt on our balance sheet and gives us the ability to implement our business plan of fully integrating services for healthcare real estate.”

Click here to read more about the offering from the Charlotte Business Journal.

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