Keystone Property Trust Prices $55 Million Preferred Offering
March 11 2004 - 9:27AM
PR Newswire (US)
Keystone Property Trust Prices $55 Million Preferred Offering WEST
CONSHOHOCKEN, Pa., March 11 /PRNewswire-FirstCall/ -- Keystone
Property Trust today announced that it has agreed to issue
2,200,000 shares of 7.375% Series E Cumulative Redeemable Preferred
Stock at $25.00 per share. The preferred shares may be redeemed at
par at the election of the Company on or after March 15, 2009.
These securities have no stated maturity, sinking fund or mandatory
redemption and are not convertible into any other securities of the
Company. The close of this offering is scheduled for March 15,
2004. It is expected that the shares will be traded on the NYSE
under the symbol "KTRPrE" within 30 days after the initial delivery
of the shares. The net proceedsof the offering will be used to
repay existing indebtedness as well as for general corporate
purposes, including funding future acquisitions and development
activities and the potential repurchase of outstanding convertible
preferred shares. Wachovia Securities acted as bookrunning manager
of the offering, with RBC Capital Markets as co-lead manager.
Keystone Property Trust, with headquarters in West Conshohocken,
Pennsylvania, is a fully integrated real estate investment trust
with a current portfolio of 139 properties, including properties
under development, aggregating approximately 33 million square feet
in the Eastern half of the United States. For more information,
contact Aleathia M. Hoster at (212) 527-9900, send email to or
visit the Company website at http://www.keystoneproperty.com/. A
registration statement related to this offering was filed with the
Securities and Exchange Commission and is effective. This news
release does not constitute an offer to sell or a solicitation of
an offer to buy the securities, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities law of any such jurisdiction.
Each offering may be made only by means of a prospectus and the
related prospectus supplement, copies of which may be obtained from
Wachovia Securities and RBC Capital Markets. This press release may
contain statements which constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements regarding the intent, belief or
current expectations of the Company, its trustees, or its officers
with respect to the future operating performance of the Company and
the result and the effect of legal proceedings. Investors are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from
those in the forward-looking statements as a result of various
factors. Important factors that could cause such differences are
described in the Company's periodic filings with the Securities and
Exchange Commission, including the Company's Form 10-K and
quarterly reports on Form 10-Q. DATASOURCE: Keystone Property Trust
CONTACT: Aleathia M. Hoster of Keystone Property Trust,
+1-212-527-9900, or MEDIA: Michael Beckerman, +1-908-781-6420, ,
for Keystone Property Trust Web site:
http://www.keystoneproperty.com/
Copyright
Keystone Prop (NYSE:KTR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Keystone Prop (NYSE:KTR)
Historical Stock Chart
From Jul 2023 to Jul 2024