Alexandria Real Estate To Offer 4.5 Million Common Shares
The company plans to grant the underwriters a thirty-day option to purchase up to 675,000 additional shares to cover over-allotments.
Alexandria said it also plans to use the net proceeds from the offering to reduce the outstanding balance on its unsecured line of credit. The company said currently anticipates that it will then borrow funds under its unsecured line of credit to pay down $25 million of its senior secured term loan.
The company may also then also borrow from time to time under its unsecured line of credit to provide funds for general working capital and other corporate purposes, including the repayment of debt and selective redevelopment and development of existing or new life science properties.
Pasadena, California-based Alexandria Real Estate Equities is a real estate investment trust focused principally on science-driven cluster formation through the ownership, operation, management and selective redevelopment, development and acquisition of properties containing technical environments, including office and laboratory space.
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