SL Green Realty Prices 17M Public Stock Offering
Stock quotes in this article:
SLG
NEW YORK (AP) SL Green Realty Corp. said Tuesday that it priced a public offering of 17 million shares of its common stock at $20.75 per share.
The company, which owns office and retail properties in the New York area, plans to use the estimated $336.8 million in proceeds for general corporate or working capital purposes including investment opportunities, paying off debt and buying the debt of its subsidiaries. SL Green also gave the underwriters a 30-day option to buy up to approximately 2.6 million additional shares to cover any overallotments. The offering is targeted to close on Friday. Late Monday SL Green said it would cut its quarterly dividend to 10 cents from 37.5 cents following the completion of a public stock offering of at least 14.5 million shares. SL Green Realty's stock fell 73 cents to $22.75 in electronic premarket trading.- Loading Comments...
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