Stock Offerings: Con-Way

NEW YORK (TheStreet) -- Con-Way (CNW) was among several companies to see its share price fall sharply after announcing an offering of common stock.

Con-Way said it intends to offer 4.3 million shares of common stock, and that underwriters have been granted a 30-day option to purchase up to 645,000 additional shares of its common stock to cover over-allotments, if any.

Con-Way said that net proceeds from the offering will be used for general corporate purposes including working capital requirements and capital expenditures. Shares of the transportation company were falling 7% to $35.50 on the announcement, as share volume of 1.26 million was above the three-month average daily volume of 964,000.

Among other offering announcements, Cogdell Spencer (CSA) priced an offering of 6.5 million shares of common stock offering at $7 per share. Underwriters were given thee an option to purchase up to an additional 975,000 shares, the company said.

Cogdell Spencer said net proceeds of approximately $43.5 million will be used to reduce borrowings under its secured revolving credit facility, to fund build to suit development projects and for working capital and other general corporate purposes. Shares of the real estate investment trust were tumbling 7.3% to $7.02 on above-average volume.

On the other hand, DuPont Fabros Technology (DFT) shares were on the rise after the data center company said it has priced a 12 million share common stock offering at $23 per share. Underwriters have been granted a 30-day option to purchase up to an additional 1.8 million shares of common stock to cover overallotments, if any.

DuPont Fabros said net proceeds of approximately $264.9 million plus borrowings under its revolving credit facility and a portion of its cash and cash equivalents to complete development of the first phase of its data center in Santa Clara, Calif. known as SC1, and to completely develop the first phase of its data center in Ashburn, Virginia known as ACC6.

DuPont Fabros shares were rising 5.4% to $24.50.

Meanwhile, Western Gas Partners (WES) priced its public offering of 4 million common units at $22.25 per unit. Western Gas Partners said it has granted underwriters a 30-day option to purchase up to 600,000 additional common units.

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