Columbia-based COPT raises $118 million in offering

March 19, 2013|By Steve Kilar, The Baltimore Sun

Corporate Office Properties Trust, a real estate investment and development firm based in Columbia, on Tuesday completed its public offering of nearly 4.5 million new common shares, the company said in a statement.

The offering generated about $118 million in proceeds, the company said.

The offering's underwriters purchased all 585,000 shares available to them, said COPT, which owns about 210 office buildings, totaling 18.8 million square feet of leasable space.

In a Securities and Exchange Commission filing, the company said it intends to use the proceeds to redeem a series of preferred shares, repay what it owes on an unsecured credit facility and for general corporate purposes.

In October, COPT completed an offering of 8.6 million shares, resulting in proceeds of about $205 million.

COPT shares closed at $26.38 each, down 39 cents a share, on Tuesday.

steve.kilar@baltsun.com

twitter.com/stevekilar

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