Forest City Enterprises raises $300.3 million through public offering

Wed. May 20, 2009; Posted: 02:25 PM

May 20, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- FCE.A | Quote | Chart | News | PowerRating -- Forest City Enterprises, Inc., a US-based real estate company, has completed a public offering of 45.5 million Class A common shares at $6.6 per share for the gross proceeds of $300.3 million.

Update on May 14, 2009:

Forest City has priced a public offering of 45.5 million Class A common shares at $6.6 per share for the gross proceeds of $300.3 million.

Forest City has granted underwriters a 30-day option to purchase up to an additional 6.8 million shares to cover over-allotments, if any.

The offering is expected to close on May 19, 2009.

Announcement (May 13, 2009):

Forest City is planning to issue 40 million newly issued Class A common shares in an underwritten public offering.

As part of the transaction, Forest City will grant a 30-day option to the underwriters to purchase up to an additional 6 million shares to cover over-allotments, if any.

Merrill Lynch, Pierce, Fenner & Smith Incorporated, Goldman, Sachs & Co., and Morgan Stanley & Co. Incorporated are acting as joint book-running managers for the offering.

Deal Value (US$ Million) 300.3
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Completed: 2009-05-19

Deal Participants

Target (Company) Forest City Enterprises, Inc.

Deal Rationale

Forest City plans to use the net proceeds from the sale to reduce its outstanding borrowings under its $750 million revolving credit facility and for general corporate purposes.

% Acquisition             49.94%
Offer Price ($ per share) 6.6
No. Shares Issued         45500000

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