Liberty Property Trust closed a public offering of 9.2 million common shares, for estimated net proceeds of $447.9 million.
The offering includes the full exercise of the underwriters' option totaling 1.2 million shares.
The industrial real estate investment trust plans to use the proceeds to fund the early redemption on Oct. 12 of its $350 million 4.75% senior notes due October 2020, to repay outstanding balances on its revolving credit facilities, and for working capital and for general corporate purposes.
The REIT said it expects to incur a loss on early extinguishment of debt of approximately $9.3 million in the fourth quarter in connection with the planned notes redemption.
