Equity LifeStyle Properties, Inc. (NYSE: ELS) (the “Company”) today
announced that it has commenced an underwritten public offering of
4,000,000 shares of common stock. Merrill Lynch & Co. and Wachovia
Securities are acting as joint book-running managers of the public
offering. The underwriters will be granted a thirty-day option to
purchase up to 600,000 additional shares of common stock to cover
overallotments, if any.
The Company intends to use the net proceeds from this offering to repay
secured long-term debt and for general corporate uses.
Equity LifeStyle Properties, Inc., a publicly-traded real estate
investment trust, is a fully integrated owner and operator of
lifestyle-oriented properties (“Properties”). The Company leases
individual developed areas (“sites”), with access to utilities for
placement of factory-built homes, cottages, cabins or recreational
vehicles. Customers may lease individual sites or purchase right-to-use
contracts providing the customer access to specific Properties for
limited stays.
The offering is being made pursuant to an automatic shelf registration
statement that became effective upon filing with the Securities and
Exchange Commission on May 6, 2009. A prospectus supplement relating to
the offering will be filed with the Securities and Exchange Commission.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any of the Company’s common stock, nor
shall there be any sale of the common stock, in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful. The offering may be made only by means of a prospectus and
related prospectus supplement. When available, copies of the preliminary
prospectus supplement and the related prospectus relating to the
offering, may be obtained by contacting: Merrill Lynch & Co., Attention:
Prospectus Department, 4 World Financial Center, New York, New York
10080, or by calling (212) 449-1000; or Wachovia Capital Markets, LLC,
Attn: Equity Syndicate Dept, 375 Park Avenue, New York, New York 10152,
or by calling 1-800-326-5897, or email requests to equity.syndicate@wachovia.com.
This news release includes certain “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995.
When used, words such as “anticipate,” “expect,” “believe,” “project,”
“intend,” “may be” and “will be” and similar words or phrases, or the
negative thereof, unless the context requires otherwise, are intended to
identify forward-looking statements.
