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ATLANTA-Within days of saying it will take a $39-million writedown on its new Terminus 200 office project, locally based Cousins Properties Inc. expanded its public offering to 40 million shares, priced at $7.25 each. The multi-sector REIT originally offered 32 million shares in April, and the expanded offering will nearly double its current number of outstanding shares at 52.3 million.

Cousins has also granted underwriters a 30-day option to buy up to six million additional shares of common stock to cover any overallotments. The estimated net proceeds are expected to reach $277.2 million, before giving effect to any exercise of the overallotment option and after discounts and expenses.

Net proceeds from the stock sale will be used to repay $248 million of outstanding debt under its unsecured revolving credit facility, with the rest being used for general corporate purposes. The offering is scheduled to close Monday, Sept. 21, with Bank of America Merrill Lynch, Morgan Stanley and J.P. Morgan acting as joint managers for the offering.

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