EdR to reduce revolving credit facility borrowings via stock offering

By Tali Rackner

Norfolk, Va., Nov. 2 – EdR plans to reduce amounts outstanding under its unsecured revolving credit facility with the proceeds from a new offering of common stock, according to a press release.

Proceeds will also be used for general corporate purposes, which may include funding development pipeline or acquiring additional communities.

The company announced on Monday that it intends to sell 6.5 million shares of its common stock in an underwritten public offering with a 30-day greenshoe option for up to an additional 975,000 shares.

EdR is a Memphis, Tenn.-based developer, owner and manager of collegiate housing.

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