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Levitt Corp. Sells 5M Shares

FORT LAUDERDALE, FL-The locally based developer sold the class A common stock for $24.50 a share. The offering is expected to raise net proceeds of about $115 million, to be used for subsidiary growth and operations, among other uses.

By Melissa Bogdany | Updated on March 31, 2004

FORT LAUDERDALE, FL-Levitt Corp., a locally based developer has sold five million shares of its class A common stock at $24.50 per share for settlement on April 5. The shares are expected to raise about $115 million in net proceeds after underwriting discounts and commissions and expenses. The company plans to use the offering’s proceeds to fund operations and growth of its subsidiaries, to repay debt and to fund general corporate purposes.

As part of the public offering, Levitt gave the underwriters the option to buy up to 750,000 additional shares. The offering’s managing underwriters are Friedman, Billings, Ramsey & Co. Inc., Raymond James & Associates Inc. and BB&T Capital Markets, a division of Scott & Stringfellow Inc.

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