By Sheri Kasprzak
New York, July 18 - Lexington Corporate Properties Trust said it has received definitive agreements for its $60.9 million direct placement of shares.
The company will sell 2.5 million shares at $24.36 each to Lepercq Corporate Income Fund LP, Lepercq Corporate Income Fund II LP and Net 3 Acquisition LP.
The price per share represents a 3.295% discount to the company's closing stock price on July 12.
The shares are being sold under the company's shelf registration.
Wachovia Capital Markets, LLC is the underwriter in the offering.
The proceeds will be used to repay debt and fund acquisitions. The remainder will be used for general corporate purposes.
Based in New York, Lexington Corporate Properties is a real estate investment trust.
| Issuer: | Lexington Corporate Properties Trust
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| Issue: | Stock
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| Amount: | $60.9 million
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| Shares: | 2.5 million
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| Price: | $24.36
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| Warrants: | No
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| Underwriter: | Wachovia Capital Markets, LLC
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| Investors: | Lepercq Corporate Income Fund LP; Lepercq Corporate Income Fund II LP; Net 3 Acquisition LP
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| Pricing date: | July 12
|
| Announcement date: | July 18
|
| Stock price: | $25.19 at close July 12
|
| Stock price: | $24.02 at close July 18
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