Rexford Industrial Realty Inc is a real estate investment trust focused on owning and operating industrial properties located in Southern California infill markets. Today, the company announced public offering of its common stock. The offering was for its 16,000,000 shares of its common stock. The said stocks were valued at US$13.00 to US$15.00 per share piece. The company also allowed underwriter options to purchase additional shares of common stock. This was to cover any existing overallotments. The offering of the public stocks would be listed on the New York Stock Exchange under the symbol REXR.
The net proceeds of the stock sale would be used to repay indebtedness and fund different transactions. These transactions would include debt payments, funding certain formation transaction costs, fund pending acquisitions and for general corporate matters. A portion of the proceeds would also be used to increase working capital and for future acquisitions.
BofA Merrill Lynch, Wells Fargo Securities, FBR Capital Markets and JP Morgan acted as the join book runners of the offering. PNC Capital Markets LLC and RBS were appointed as co-managers.
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