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Ramco-Gershenson (RPT) Prices 5.5M Share Offering At 2.4 Pct Discount

 May 17, 2012 09:44 AM

Ramco-Gershenson Properties Trust (NYSE:RPT) said it has priced underwritten public offering of 5.5 million newly issued common shares of beneficial interest at $12.10 per share, a 2.4% discount to Wednesday's close.

The company has granted the underwriters a 30-day option to purchase up to an additional 825,000 common shares of beneficial interest. Subject to customary conditions, the offering is expected to close on May 22, 2012.

Ramco-Gershenson expects to receive net proceeds from this offering of approximately $63.6 million, or approximately $73.2 million if the underwriters exercise their option to purchase additional shares in full.

The company plans to use the net proceeds to reduce outstanding borrowings under its revolving credit facility and to fund a portion of the consideration for the acquisition of four shopping centers located in Colorado, Missouri and Wisconsin, which were recently announced, as well as for general corporate purposes. The offering is not conditioned on the completion of the acquisitions.

BofA Merrill Lynch, J.P. Morgan and Stifel Nicolaus Weisel are acting as joint book-running managers for the offering. Comerica Securities Inc. and The Huntington Investment Co. are acting as co-managers.

Ramco-Gershenson is a real estate investment trust (REIT). The company's primary business is the ownership and management of shopping centers located in in the Eastern and Midwestern United States markets.

RPT is trading down 3.95% at $11.91 on Thursday. The stock has been trading between $7.37 and $13.18 for the past 52 weeks.

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