Equity One, Inc. (NYSE:EQY), an owner, developer, and operator of shopping centers, announced today the closing of its previously announced underwritten public offering of 4.1 million shares of its common stock. The Company offered 3.1 million shares of its common stock and AH Investments US, LP, a stockholder of the Company, offered 1.0 million shares of the Company’s common stock, resulting in approximately $65.2 million and $21.0 million of net proceeds to the Company and the selling stockholder, respectively, before expenses. The Company did not receive any of the proceeds from the sale of shares of the Company’s common stock by the selling stockholder in the offering.
Concurrently with the closing of the public offering, MGN (USA), Inc., an affiliate of Equity One’s largest stockholder, Gazit-Globe, Ltd., purchased directly from the Company an aggregate of 500,000 shares of the Company’s common stock, resulting in net proceeds to the Company of $10.6 million, before expenses.
The Company intends to use its net proceeds to reduce the outstanding balance under its unsecured revolving credit facility and for other corporate purposes, including pending and future acquisitions and to fund development and redevelopment activities.
Barclays acted as the sole underwriter of the offering.This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. A final prospectus supplement and accompanying base prospectus related to the offering have been filed with the Securities and Exchange Commission. A copy of the prospectus supplement and prospectus related to the offering may be obtained from Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by calling toll free at (888) 603-5847, or by emailing Barclaysprospectus@broadridge.com. ABOUT EQUITY ONE, INC. As of June 30, 2012, Equity One’s consolidated property portfolio comprised 165 properties consisting of approximately 16.8 million square feet of gross leasable area, including 142 shopping centers, 11 development or redevelopment properties, five non-retail properties and seven land parcels.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts