Weingarten Realty Investors (NYSE: WRI - News) today announced the pricing of its public offering of 28,000,000 common shares at a price to public of $14.25 per share. The company has granted the underwriters an option to purchase up to an additional 4,200,000 shares.
Merrill Lynch & Co. and J.P.Morgan are acting as joint book-running managers for the offering. RBC Capital Markets and Wachovia Securities are acting as joint lead managers. Robert W. Baird & Co., BBVA Securities, J.J.B. Hilliard, W.L. Lyons, LLC and Stifel Nicolaus are acting as co-managers. Subject to customary conditions, the offering is expected to close on or about April 22, 2009.
The company intends to use the net proceeds from the sale of the common shares, which are expected to be approximately $381.9 million (without giving effect to any exercise of the underwriters' option to purchase additional shares), to reduce borrowings outstanding on its revolving credit facility and for general corporate purposes, including the repayment or repurchase of outstanding indebtedness.
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