Cogdell Spencer Inc. (NYSE: CSA - News) announced today that it priced an underwritten public offering of 20,000,000 shares of common stock at a price of $3.50 per share. Cogdell Spencer also has granted the underwriters an option to purchase up to an additional 3,000,000 shares of common stock. Citi and KeyBanc Capital Markets acted as joint book-running managers and Raymond James, BB&T Capital Markets and Morgan Keegan & Company, Inc. acted as co-managers.
Net proceeds from the offering will be approximately $66.8 million (or approximately $76.8 million if the underwriters exercise their option to purchase additional shares in full). The Company intends to use the net proceeds from the offering to fund a $50 million repayment under Erdman's senior secured term loan, to reduce borrowings under the secured revolving credit facility and for working capital purposes.
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