AMB Property To Sell 33 Million Shares

SAN FRANCISCO (AP) — AMB Property Corp. announced Tuesday that it plans to sell 33 million shares of its common stock in a public offering.

The industrial real estate developer said it plans to use proceeds from the offering to repay debt. The company also may use some of the proceeds for development activities, property acquisitions and to increase working capital.

AMB plans to grant the underwriters the option to buy up to 4.95 million shares to cover any overallotments.

Merrill Lynch, JPMorgan and Morgan Stanley are underwriting the offering.

The company currently has about 98.4 million shares outstanding.

AMB shares dropped $1.58, or 10.7 percent, to close earlier at $13.14, and fell 94 cents, or 7.2 percent, to $12.20 in aftermarket electronic trading.