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STAG Industrial launches 8 million-common-share offering

STAG Industrial Inc. is selling 8.0 million common shares in a public offering.

The offering comprises 5.6 million shares offered directly by the industrial real estate investment trust and 2.4 million shares offered under a forward-sale agreement the REIT expects to sign with BofA Securities or its affiliate.

STAG and BofA Securities plan to grant a 30-day option to the underwriters to buy up to 1.2 million additional shares. Based on the REIT's Jan. 13 closing stock price of $32.02 per share and assuming the full exercise of the additional-share option, gross offering proceeds are expected to come to about $294.6 million.

The REIT plans to use the net proceeds to fund acquisitions, to repay outstanding debt under its $500 million unsecured credit facility, for working capital and other general corporate purposes.

BofA Securities and Wells Fargo Securities will be the joint book-running managers for the offering.