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May 14, 2009 (FinancialWire) -- Forest City Enterprises, Inc. (NYSE: FCEA) said it plans to sell 40 million newly issued class A common shares in an underwritten public offering. Merrill Lynch & Co. (NYSE: MER), Goldman, Sachs & Co. (NYSE: GS | Quote | Chart | News | PowerRating) and Morgan Stanley (NYSE: MS | Quote | Chart | News | PowerRating) are the joint book-running managers.
The underwriters will be granted a 30-day option to purchase up to an additional six million shares to cover over-allotments.
Forest City plans to use the net proceeds from the sale to reduce its outstanding borrowings under the company's $750 million revolving credit facility and, if proceeds remain, for general corporate purposes.
Cleveland-based Forest City Enterprises is a national real estate company. The company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States.
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Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).
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