STAG Industrial Inc. upsized a public offering of shares of its common stock to 8,750,000 shares from 8.0 million shares for gross proceeds of about $274.8 million.
The offering comprises 5.6 million shares offered directly by the Boston-based real estate investment trust and 3,150,000 shares offered on a forward sales agreement with an affiliate of BofA Securities. Underwriters of the offering were granted a 30-day option to purchase up to an additional 1,312,500 shares.
The company intends to use the net proceeds to fund acquisitions, repay outstanding debt under its $500 million unsecured credit facility, and for working capital and other general purposes. The offering is expected to close Jan. 16.
BofA Securities and Wells Fargo Securities are the joint book-running managers for the offering.