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Article: Colonial Properties Trust Announces Exercise of Underwriters' Overallotment Option.
- Article from:
- Business & Finance Week
- Article date:
- October 24, 2009
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Colonial Properties Trust (NYSE: CLP) announced that it received notice the underwriters of the Company's recent public offering of 10,530,000 of its common shares have exercised their option to purchase 1,579,500 additional common shares to cover overallotments.
The exercise of the underwriters' overallotment option brings the total shares sold in the offering to 12,109,500 shares, and the expected estimated net proceeds to $109.8 million, after deducting the underwriting discount and estimated other offering expenses payable by the Company. The Company plans to use the net proceeds from the offering to repay a portion of the outstanding balance under its ...