February 3, 2010 (FinancialWire) — Cedar Shopping Centers, Inc. (NYSE: CDR) has priced its public offering of 7.5 million newly issued shares of common stock at $6.60 per share. The offering is scheduled to close on February 5.

The company said it expects to see net proceeds of around $47.0 million. In addition, the underwriters of the offering have been granted a 30-day option to purchase an additional 1.125 million shares of common stock to cover over-allotments, which, if exercised in full, would result in approximately $7.1 million of additional proceeds to the company.

Cedar plans to use the net proceeds from this offering to reduce amounts outstanding under the company’s secured revolving credit facility for stabilized properties, which will continue to be used to fund acquisitions, development and redevelopment activities, capital expenditures, mortgage repayments, dividend distributions, working capital and other general corporate purposes.

New York-based Cedar Shopping Centers is a real estate investment trust that focuses primarily on the ownership, operation, development and redevelopment of supermarket-anchored shopping centers in coastal mid-Atlantic and New England states.

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