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SITE Centers launches common stock offering

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SITE Centers launches common stock offering

SITE Centers Corp. is selling 10.5 million common shares in a public offering and expects to grant underwriters a 30-day option to acquire up to 1,575,000 additional shares.

Gross offering proceeds are expected to total about $184.5 million, based on the shopping center real estate investment trust's Oct. 21 closing stock price of $15.28 per share and assuming the additional-share option is fully exercised.

The company aims to use the net proceeds to redeem a portion of the depositary shares representing its outstanding 6.50% class J cumulative redeemable preferred shares, which have a total liquidation preference of $200.0 million. The remainder will be used for general corporate purposes.

Separately, the company said it sold two shopping centers for $39.2 million, totaling $37.9 million at the REIT's share.

In October, it bought one shopping center in Austin, Texas, for $12.6 million.

Goldman Sachs & Co. LLC and Morgan Stanley are the joint book-running managers for the offering.