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Koger Equity Issues 2.99M Shares

BOCA RATON, FL-The offering of the shares of 8 1/2% series A cumulative redeemable preferred stock means about $72.1 million in net proceeds for Koger, which will be used for multiple purposes, including to fund the acquisition of the Rosemeade Building and CIGNA Plaza in Dallas.

By Melissa Bogdany | Updated on September 12, 2003

BOCA RATON, FL-Koger Equity Inc., a self-managed real estate investment trust based here, has issued 2.99 million shares of 8 1/2% series A cumulative redeemable preferred stock. The shares include 390,000 shares issued related to the exercise of an overallotment option given to the underwriter.

The offering means about $72.1 million in net proceeds for the company. Koger Equity plans to use the proceeds to fund its acquisition of the Rosemeade Building and CIGNA Plaza in Dallas, which closed today, as well as to pay down the company’s secured revolving credit facility and for general corporate purposes.

The series A preferred stock has a $25- per-share liquidation value and will be redeemable at the company’s option on or after Sept. 10, 2008.

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