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SL Green Nets $387M in Stock Offering

NEW YORK CITY-The office REIT will use proceeds from the sale of 19.55 million common shares for working capital and paying down debt.

By Paul Bubny | Updated on May 18, 2009

NEW YORK CITY-SL Green Realty Corp.’s previously announced stock offering has yielded net proceeds of approximately $387.4 million, the office REIT said on Monday. The proceeds were larger by about $50.6 million than SL Green’s initial estimate of $336.8 million.

Proceeds from the offering of 19.55 million common shares at $20.75 per share, including 2.55 million shares issued to the underwriters to cover overallotments, will be used for general corporate and/or working capital purposes, according to a release. These may include “investment opportunities, purchases of the indebtedness of its subsidiaries in the open market from time to time, and the repayment of indebtedness at the applicable maturity or put date,” the release states.

In an SEC filing, SL Green said the stock offering would have a dilutive effect of $4.35 to $4.50 per diluted share on its previously announced full-year forecast for funds from operations. Merrill Lynch & Co., Morgan Stanley, Deutsche Bank Securities, Citi, Goldman Sachs and JPMorgan Chase acted as the joint book-running managers.

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