First Industrial Realty Trust, Inc. has announced the pricing of its underwritten public offering of 8.9 million shares of its common stock at a price to public of $11.40. The last reported sales price of the firm’s common stock on the New York Stock Exchange on March 3, 2011 was $11.87.
According to a release, First Industrial will receive approximately $100 million of net proceeds from the offering, after deducting underwriting discounts and commissions and estimated offering expenses. The company intends to use the proceeds for general corporate purposes, which may include repayments or repurchases of debt. Completion of the offering is subject to customary closing conditions.
UBS Securities LLC is acting as the sole book-running manager for the common stock offering.
The shares of common stock are being offered under the Company’s existing shelf registration statement.
