Cousins Properties offering's proceeds at $150M

Cousins Properties offering of 14.4M shares results in gross proceeds of about $150M

Associated Press

ATLANTA (AP) -- Cousins Properties said Tuesday that a public offering of approximately 14.4 million shares resulted in about $150 million in gross proceeds.

The real estate company said that it increased the size of the offering from 14 million shares. The offering was priced at $10.45 per share, a 2 percent decline from Monday's closing price.

Cousins Properties Inc. plans to use a significant amount of the offering's net proceeds to buy an office building in Austin, Texas. The acquisition is expected to close by the middle of the month.

The Atlanta company also anticipates using part of the net proceeds to redeem preferred stock.

Cousins is giving the underwriters a 30-day option to buy up to an additional 2.2 million shares.

The offering is expected to close on Friday.

Shares of Cousins Properties slipped a penny to $10.69 in morning trading.