W.P. Carey announced this week an underwritten public offering of 4,000,000 shares of common stock. The global net lease REIT and sponsor to non-traded REITs also plans to give the underwriters a 30-day option to purchase up to an additional 600,000 shares.
Most recently, the company revealed the pricing of the common stock at $64 per share. The company expects net proceeds from the offering of approximately $245 million, once the underwriting discount is deducted along with other estimated offering expenses. Subject to customary closing conditions, the offering is expected to settle on September 30, 2014.
With the net proceeds from the offering, W.P. Carey intends to pay down certain debts, to fund possible future acquisitions, and for general corporate purposes.
Joint book-running managers for the offering are BofA Merrill Lynch, Citigroup, and Wells Fargo Securities.
W.P. Carey trades on the NYSE under the symbol WPC.