Government Properties Income Trust (NASDAQ: GOV) announced the price of the public offering for their common shares on June the 28th. The company expects to make 25,000,000 common shares available at an average price of $18.50 per share. It is believed that the settlement of the offering will occur on July the 5th. A portion of the proceeds will be utilized to fund the company’s previously announced acquisition of First Potomac Reality Trust.
They also may use the proceeds to repay amounts outstanding under their current unsecured revolving credit facility. Underwriters have been given a 30-day window to purchase up to 3,750,000 common shares. The offering was managed jointly by Citigroup, Morgan Stanley, UBS Investment Bank, and BofA Merrill Lynch. Leading managers for the offering included Baird, D.A. Davidson & Co., FBR & Co., BB&T Capital Markets, Mizuho Securities, Oppenheimer & Co., and Janney Montgomery Scott.
More details about the company’s public offering can be found here.