Jan 17, 2020, 09:46 EST
Jan 17, 2020, 09:46 /Comserve / -- The company further allowed the underwriters to buy additional shares up to 900,000 for a time period of 30 days
Alexandria Real Estate Equities. Inc. (NYSE: ARE), announced the pricing of its public offering, which consists of 6,000,000 shares of common stock. The shares were valued at USD 155.00 per share. Along with this, the company provided the underwriters with thirty days for purchasing an additional 900,000 shares.
The joint book-running managers for the offering by Alexandria Real Estate Equities are Goldman Sachs and Co. LLC, J.P. Morgan, Citigroup and BofA Securities. On the other hand, the co-managers for this offering consist of Baird, Scotiabank, BTIG, Regions Securities LLC, TD Securities, PNC Capital Markets LLC, Wells Fargo Securities, BBVA, Evercore ISI, SMBC, Barclays, Mizuho Securities, SunTrust Robinson Humphrey, Capital One Securities, Ramirez & Co., BNP PARIBAS, Fifth Third Securities and RBC Capital Markets.
The company has signed forward sale agreements regarding the 6,000,000 shares of common stock with Bank of America, N.A., Citibank, N.A., Goldman Sachs and Co. LLC and JP Morgan Chase Bank, N.A., London Branch. Moreover, the company expects to enter into forward sale agreements for a total of 6,900,000 shares in case the underwriters choose the option to purchase additional shares.
At the initial stage, the company will not be receiving any earnings from the sale of shares of its common stock that occur through the forward purchasers and their affiliates. The recently completed and pending completed acquisitions as well as the construction of highly-leased development projects will be funded by the company through the net proceeds it receives after the future settlement of the forward sales agreements. Out of this, any remaining income is to be used for the general working capital and other such business purposes.
It is expected that the offering will close on or around January 9, 2020, subject to customary closing conditions.
About Alexandria Real Estate Equities
Alexandria is a real estate investment trust which began as a company that solely focused on the life science industry. Over the past few years, it has become an emerging leader in the fields of life science, technology and agtech. The company has created a significant market presence in major locations, including New York City, Seattle, San Francisco, Maryland, Greater Boston, San Diego and Research Triangle.
For more information, please contact:Jackie Hurtado
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