Preferred Stock Offerings
By Ru Back Packer Staff, updated Thursday, February 15, 6:01 AM
Slide #328. Parkway Properties, Inc. — Preferred Stock Offering
||Parkway Properties, Inc. (NYSE:PKY)
|Date of Pricing:
|Price Per Share:
|Preferred Stock Offering Details:
||Parkway Properties, Inc. (NYSE:PKY) announced today that it has commenced an underwritten public offering of 10,000,000 shares of common stock. The Company intends to grant the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of common stock. The Company intends to use the net proceeds of the offering to redeem in full all of its outstanding 8.00% Series D Cumulative Redeemable Preferred Stock, to fund potential acquisition opportunities, to repay amounts outstanding from time to time under its senior unsecured revolving credit facility and/or for general corporate purposes. -- updated 3/20 - Parkway Properties, Inc. (NYSE:PKY) announced today the pricing of its previously announced underwritten public offering of 11,000,000 shares of common stock at a public offering price of $17.25 per share. The underwriters for the public offering have been granted a 30-day option to purchase up to an additional 1,650,000 shares of common stock at the public offering price, less the underwriting discount. The Company estimates that net proceeds, after deducting the underwriting discount and estimated offering expenses payable by the Company, will be approximately $181.8 million, or $209.1 million if the underwriters exercise their option to purchase additional shares in full. The shares are expected to be delivered on or about March 25, 2013, subject to customary closing conditions.
Parkway is a self-managed office REIT, engaged in the ownership, acquisition, development and leasing of Class A office assets focused on attractive Houston, Texas submarkets. Co.'s portfolio will consist of five Class A assets comprising 19 buildings and totaling approximately 8.7 million rentable square feet in the Greenway, Galleria and Westchase submarkets of Houston, providing geographic focus and operational scale and efficiencies.
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