PS Business Parks raises $162.75 million through public offering of common stock

Mon. August 17, 2009; Posted: 02:26 PM

Aug 17, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- PSB | Quote | Chart | News | PowerRating -- PS Business Parks, Inc., a US-based real estate investment trust, has raised $162.75 million through a public offering of common stock. Including the over-allotment option which was exercised in full by the underwriters, the company sold a total of 3.45 million shares of common stock at a price of $46.5 per share.

Update on August 11, 2009:

PS Business has priced its public offering of 3 million shares of its common stock at a price of $46.50 per share to raise gross proceeds of $139.5 million.

PS Business has granted the underwriters an option to purchase up to an additional 0.45 million shares of common stock to cover over-allotments, if any. The offering is expected to close on August 14, 2009.

Announcement (August 10, 2009):

PS Business is planning to sell 2.5 million shares of its common stock in an underwritten public offering.

PS Business also intends to grant the underwriters an option to purchase up to an additional 0.38 million shares of common stock to cover over-allotments.

Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering.

Deal Value (US$ Million) 162.75
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Completed: 2009-08-14

Deal Participants

Target (Company) PS Business Parks, Inc.

Deal Rationale

PS Business intends to use the net proceeds from the offering for general corporate purposes, including possible future acquisitions.

Offer Price ($ per share) 46.5
No. Shares Issued         3500000

For full details on PS Business Parks Inc (PSB) click here. PS Business Parks Inc (PSB) has Short Term PowerRatings of 6. Details on PS Business Parks Inc (PSB) Short Term PowerRatings is available at This Link.

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