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Lexington Realty Trust (NYSE: LXP) announced that it priced an underwritten registered public offering of 20,000,000 common shares at a public offering price of $11.70 per share. Lexington also granted the underwriters of the offering a 30-day option to purchase up to an additional 3,000,000 common shares. The offering is expected to close on or about March 15, 2013, subject to customary closing conditions.
The amount is increased from the original offering of 15 million shares.
Lexington expects to use approximately $137.9 million of the net proceeds of the offering to repay the outstanding borrowings under its unsecured revolving credit facility and the balance for general corporate purposes, including, without limitation, unspecified acquisitions.
BofA Merrill Lynch, Wells Fargo Securities, Jefferies and Barclays are acting as joint book-running managers for the offering. J.P. Morgan and KeyBanc Capital Markets are acting as co-lead managers.
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