Glimcher Realty Trust, one of the US premier retail REITs, announced today the public offering of 3,000,000 shares of common stock at a price of $17.82 per share underwritten by Deutsche Bank Securities Inc. as lead manager and McDonald Investments Inc. as co-manager.
All of the shares are being offered by the company. The company has granted the underwriters an option to purchase an additional 450,000 shares to cover over-allotments.
The Company intends to use the net proceeds from the offering to purchase the equity of joint venture partners in two projects, to reduce the amount of outstanding borrowings on short-term financings and to reduce the outstanding balance of the CompanyÂ's credit facility.
The shares will be issued pursuant to an effective shelf registration statement that was previously filed. This press release shall not constitute an offer to sell or a solicitation of an offer to buy Glimcher common shares. An offering of Glimcher common shares will be made only by means of a prospectus supplement and prospectus. The prospectus supplement and prospectus shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such states.
About the Company
Glimcher Realty Trust, a real estate investment trust, is a recognized leader in the ownership, management, acquisition and development of enclosed regional and super-regional malls and community shopping centers.
Glimcher Realty TrustÂ's common shares are listed on the New York Stock Exchange under the symbol 'GRT.' Glimcher Realty Trust is a component of both the Russell 2000Â® Index, representing small cap stocks, and the Russell 3000Â® Index, representing the broader market.
For more details please visit www.glimcher.com.
(source: Glimcher Realty Trust