Dec. 4, 2012
/PRNewswire/ -- Parkway Properties, Inc. (NYSE: PKY) announced today the pricing of an underwritten public offering of 13,500,000 shares of common stock at a public offering price of
per share. The underwriters for the public offering have been granted a 30-day option to purchase up to an additional 1,151,700 shares of common stock at the public offering price, less the underwriting discount. The company estimates that net proceeds, after deducting the underwriting discount and estimated offering expenses, will be approximately
if the underwriters exercise their option to purchase additional shares in full. The shares are expected to be delivered on or about
December 10, 2012
, subject to customary closing conditions.
The Company intends to use a significant portion of the proceeds of the offering to finance its recently announced acquisitions of NASCAR Plaza and 525 North Tryon in
Charlotte, North Carolina
; Phoenix Tower in
; and Tower Place 200 in
, Georgia. In addition, the Company may use a portion of the proceeds of the offering to repay amounts outstanding from time to time under its senior unsecured revolving credit facility and/or for general corporate purposes.
BofA Merrill Lynch, Barclays and Wells Fargo Securities are the joint bookrunners for the offering. The senior co-managers of the offering are Credit Suisse, PNC Capital Markets LLC and RBC Capital Markets, and the co-managers of the offering are
and Sandler O'Neill + Partners, L.P.
A copy of the final prospectus supplement and accompanying base prospectus relating to these securities can be obtained by contacting the underwriters as follows: BofA Merrill Lynch, 222 Broadway,
New York, NY
10038, Attn: Prospectus Department or email at
; or Barclays, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue,
11717, or by calling 1-888-603-5847, or by email at
; or Wells Fargo Securities, Attention: Equity Syndicate Department, 375 Park Avenue,
New York, New York
10152, or by calling (800) 326-5897 or e-mail a request to
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, 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 registration or qualification under the securities laws of such state or other jurisdiction.