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May 26, 2009 (FinancialWire) -- Forest City Enterprises, Inc. (NYSE: FCEA) said that the underwriters of the company's 45.5 million common share offering have exercised in full their over-allotment option to purchase an additional 6.8 million shares. Merrill Lynch & Co. 9NYSE: 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 company recently offered 45.5 million class A common shares priced at $6.60 per share.
Forest City said it expects to receive net proceeds from this offering of around $329.8 million, giving effect to the exercise of the over-allotment option.
The company plans to use the net proceeds from the sale to reduce its outstanding borrowings under the company's $750 million revolving credit facility.
Cleveland-based Forest City Enterprises is a real estate company that 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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