Realty Income (NYSE: O ) has closed its most recent stock issue. The company reaped $756 million from the offering, which saw it float 15 million shares of common stock. In addition, 2.25 million shares were bought by the issue's underwriters exercising their overallotment option.
Realty Income said it would use the proceeds of the offering to retire borrowings drawn on its $1 billion acquisition credit facility. The remaining movies are to be used for "other general corporate purposes and working capital, which may include additional acquisitions and the repayment of debt."
The offering's underwriters include Bank of America (NYSE: BAC ) unit Merrill Lynch, Wells Fargo's Wells Fargo Securities, and Morgan Stanley.
More Expert Advice from The Motley Fool Wells Fargo's dedication to solid, conservative banking helped it vastly outperform its peers during the financial meltdown. Today, Wells is the same great bank as ever, but with its stock trading at a premium to the rest of the industry, is there still room to buy, or is it time to cash in your gains? To help figure out whether Wells Fargo is a buy today, I invite you to download our premium research report from one of The Motley Fool's top banking analysts. Click here now for instant access to this in-depth take on Wells Fargo.
No comments:
Post a Comment