May 27, 2009 (FinancialWire) — Cogdell Spencer Inc. (NYSE: CSA) (Current Market Cap: US$71.32 Mil.) has priced an underwritten public offering of 20 million shares of common stock at $3.50 per share. Citi (NYSE: C) and KeyBanc Capital Markets (NYSE: KEY) acted as joint book-running managers.

The company has granted the underwriters an option to purchase up to an additional three million shares of common stock.

Cogdell Spencer will see net proceeds of around $66.8 million, or around $76.8 million if the underwriters exercise their option to purchase additional shares in full.

The company plans to use the net proceeds from the offering to fund a $50 million repayment under Erdman’s senior secured term loan, to reduce borrowings under the secured revolving credit facility and for working capital purposes.

Charlotte, North Carolina-based Cogdell Spencer is a real estate investment trust that invests in specialty office buildings for the medical profession, including medical offices, ambulatory surgery and diagnostic centers.

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