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Regency Centers Prices Over 4.3M Common Shares Offering
Regency Centers Corporation (REG - Free Report) , the Jacksonville, FL-based retail real estate investment trust (“REIT”) announced the pricing of an underwritten public offering of 4,350,000 common shares. This move is expected to add to the company’s financial flexibility.
The pricing is expected to generate gross proceeds of around $353 million. Subject to the satisfaction of certain customary closing conditions, the public offering is expected to be settled on Jul 15, 2016.
Regency is a leading publicly traded REIT in the U.S. and the company’s portfolio mainly consists of grocery-anchored community and neighborhood centers. The company plans to utilize the net proceeds from this public offering along with its cash balances for redeeming outstanding $300 million senior unsecured notes, due on Jun 15, 2017. Additionally, Regency plans on using part of the net proceeds for the settlement of the full forward starting swaps.
Just a couple of days ago, Regency enhanced its financial flexibility by amending its unsecured term loan facility. The move helped the company pay off its line of credit used for financing its previously announced acquisition of Market Common Clarendon (Regency Raises Flexibility with Term Loan Amendment).
REGENCY CTRS CP Price
REGENCY CTRS CP Price | REGENCY CTRS CP Quote
Currently, Regency has a Zacks Rank #2 (Buy). Investors interested in the retail REIT sector can consider stocks like Acadia Realty Trust (AKR - Free Report) , The Macerich Company (MAC - Free Report) and Simon Property Group Inc. (SPG - Free Report) . All these stocks carry the same Zacks Rank as Regency.
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