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Curbline Properties has priced an underwritten public offering of 10 million common shares, expected to generate gross proceeds of around USD 308.5 million before expenses. The offering has been structured through forward sale agreements with major financial institutions and is scheduled to close on July 1, subject to customary conditions. The REIT plans to use the proceeds received upon settlement for general corporate purposes, including property acquisitions, working capital, capital expenditure and debt repayment, as it continues to expand its convenience shopping centre portfolio.
Curbline Properties has announced the pricing of an underwritten public offering of 10 million shares of its common stock, with the transaction expected to raise approximately USD 308.5 million in gross proceeds before deducting offering-related expenses. The offering is expected to close on July 1, subject to customary closing conditions.
The offering has been structured through forward sale agreements with Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Wells Fargo Bank, National Association. Under this arrangement, the forward purchasers or their affiliates are expected to borrow shares from third parties and sell them to the underwriters. Curbline will not receive the proceeds from the initial sale of these shares and expects to physically settle the forward sale agreements within approximately 18 months.
The underwriters have also been granted a 30-day option to purchase up to an additional 1.5 million shares. If this option is exercised, the company expects to enter into additional forward sale agreements covering those shares.
Curbline said the net proceeds received upon settlement of the forward sale agreements are intended for general corporate purposes. These may include funding property acquisitions, supporting working capital requirements, capital expenditure, repaying outstanding debt, or a combination of these uses.
The latest fundraising follows a series of capital-raising initiatives by the company this year. In recent months, Curbline completed another public equity offering and also expanded its at-the-market equity programme to strengthen liquidity for acquisitions. The company has continued to increase investments in convenience shopping centres across suburban markets while maintaining capital for future growth opportunities.
Source Reuters
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