Underwriters of the offering, J.P. Morgan Securities Inc. and Wachovia Capital Markets LLC, have a 30-day option to buy up to an additional 1.3 million shares to cover any over-allotments. The offering is expected to close by the end of this week.

Regency also announced this week that it expects first-quarter funds from operations between $53.7 million and $55.1 million. The estimate includes a one-time severance charge of $2.2 million related to cost-savings initiatives planned later this year.

Earlier this year, Regency made changes to its leadership structure, with Brian Smith taking over as president from Mary Lou Fiala, who remains with the company as COO. Bruce Johnson was also promoted from chief financial officer to executive vice president.

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