DCT Industrial Trust Floats New Stock Issue
DCT Industrial Trust is attempting to build on its foundation of share capital. The company is floating an underwritten public issue of 20 million shares of common stock at a price of $7.20 apiece. Additionally, the company's underwriters have been granted a 30-day purchase option for up to an additional 3 million shares.
DCT Industrial Trust said it plans to use the offering's estimated net proceeds of $137.5 million for future acquisitions, development, debt retirement, "general corporate purposes, or a combination of the foregoing."
Bank of America's Merrill Lynch, JPMorgan Chase division J.P. Morgan, Citigroup and Leucadia's Jefferies are the joint book-running managers of the issue, which is expected to close "on or about" August 13.
At the moment, DCT Industrial Trust has more than 292 million shares outstanding, and its stock most recently closed at $7.48 per share.
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