PASADENA, Calif., March 19 /PRNewswire-FirstCall/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE) announced today the pricing of its follow-on public offering of 7,000,000 shares of common stock at a price of $38.25 per share, upsized from an originally sized offering of 4,500,000 shares. Merrill Lynch & Co., Citi and J.P. Morgan acted as joint book-running managers and Keefe, Bruyette & Woods and Scotia Capital acted as co-managers in connection with the public offering. Alexandria Real Estate Equities, Inc. has granted the underwriters a thirty day option to purchase up to 1,050,000 additional shares to cover over-allotments, if any. The offering is expected to close on March 24, 2009, subject to customary closing conditions.
The Company intends to use the net proceeds from this offering to reduce the outstanding balance on its unsecured line of credit. The Company currently anticipates that it will then borrow funds under its unsecured line of credit to pay down $25 million of the Company's senior secured term loan. The Company may then also borrow from time to time under its unsecured line of credit to provide funds for general working capital and other corporate purposes, including the repayment of debt and selective redevelopment and development of existing or new life science properties.
Alexandria Real Estate Equities, Inc., Landlord of Choice to the Life Science Industry(R), is a publicly-traded real estate investment trust focused principally on science-driven cluster formation through the ownership, operation, management and selective redevelopment, development and acquisition of properties containing technical environments, including office/laboratory space. Our properties are designed and improved for lease primarily to institutional (universities and independent not-for-profit institutions), pharm
|SOURCE Alexandria Real Estate Equities, Inc.|
Copyright©2009 PR Newswire.
All rights reserved