Regency CentersCorp. priced a public offeringof 4,350,000 shares of its common stock, expecting to generate gross proceedsof roughly $353 million.
In connection with the offering, the underwriters have beengranted a 30-day option to acquire up to a further 652,500 common shares.
The REIT plans to use the net proceeds, along with availablecash balances, to redeem its outstanding $300 million 5.875% senior unsecurednotes due June 15, 2017, including a required make-whole premium. A part of theproceeds is also planned to be used for the full settlement of forward startingswaps with notional amounts of $220 million, while any remaining portion of thenet proceeds will be used to fund investments and for general corporatepurposes.
The offering is expected to close July 15.
Bank of America Merrill Lynch and Wells Fargo Securities areserving as joint book-running managers, while Baird, BB&T Capital Markets,BTIG, J.P. Morgan, Mizuho Securities, PNC Capital Markets LLC, SMBC Nikko andSunTrust Robinson Humphrey are serving as co-managers for the offering.