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Entertainment Properties prices share offering, expects $173.3 million in proceeds
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KANSAS CITY, Mo. - Entertainment Properties Trust on Tuesday priced its offering of 5.5 million shares and an additional 825,000 shares to be bought by underwriters at $173.3 million.
The real estate investment trust's shares fell $2.84, or 8.4 percent, to $30.82 in midday trading.
Entertainment Properties, based in Kansas City, Mo., expects to use the proceeds to pay back debt, to fund acquisitions and property development, and for general expenses.
The offering is expected to close Nov. 16.
JPMorgan Securities Inc. and RBC Capital Markets Corp. are joint bookrunning managers. Citigroup Global Markets Inc., Barclays Capital Inc. and KeyBanc Capital Markets Inc. are co-lead managers. FBR Capital Markets & Co. is co-manager.
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