The Alabama developer is offering 560,380 shares of common stock at $33.37 per share on the New York Stock Exchange where two New York security houses bought the issue. The transactions are scheduled to close today.
Cohen & Steers Quality Income Realty Fund Inc. bought 299,670 shares for $9.5 million. Salomon Smith Barney purchased 260,710 shares for $813 million. Colonial plans to use a portion of the proceeds to pay down a balance on its $300 million unsecured line of credit, the company says in a prepared statement.
Salomon Smith Barney intends to use its purchased shares in a newly formed unit investment trust, the Equity Focus Trusts REIT Portfolio Series 2002-A.
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