This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
March 19, 2013 /PRNewswire/ -- Parkway Properties, Inc. (NYSE:PKY) announced today the pricing of its previously announced underwritten public offering of 11,000,000 shares of common stock at a public offering price of
$17.25 per share. The underwriters for the public offering have been granted a 30-day option to purchase up to an additional 1,650,000 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 payable by the Company, will be approximately
$181.8 million, or
$209.1 million if the underwriters exercise their option to purchase additional shares in full. The shares are expected to be delivered on or about
March 25, 2013, subject to customary closing conditions.
The Company intends to use the proceeds of the offering to redeem in full all of the outstanding 8.00% Series D Cumulative Redeemable Preferred Stock, to fund potential acquisition opportunities, to repay amounts outstanding from time to time under its senior unsecured revolving credit facility and/or for general corporate purposes.
BofA Merrill Lynch and Wells Fargo Securities are the joint lead-bookrunners for the offering, and KeyBanc Capital Markets and RBC Capital Markets are the joint bookrunners for the offering. The senior co-managers of the offering are Credit Suisse and
Raymond James, and the co-managers of the offering are BMO Capital Markets and Stifel.
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
email@example.com; 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.