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STAG Industrial (NYSE: STAG) announced the pricing of an underwritten public offering of common stock at a price to the public of $18.30 per share. The size of the offering has been upsized from 5,000,000 shares to 5,464,480 shares. The offering is expected to close on January 22, 2013. The Company granted the underwriters of the offering a 30-day option to purchase up to an additional 819,672 shares of common stock.
The Company intends to use the net proceeds of the offering to repay indebtedness outstanding under its unsecured corporate revolving credit facility (which indebtedness was used to fund recent acquisitions), to fund acquisitions currently under contract, for general working capital purposes, or a combination of the foregoing.
RBC Capital Markets, BofA Merrill Lynch and Wells Fargo Securities served as the joint book-running managers for the offering. Raymond James and UBS Investment Bank served as lead managers, and Evercore Partners, Capital One Southcoast, PNC Capital Markets LLC, Regions Securities LLC and TD Securities served as co-managers.
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