W. P. Carey Prices $256 Mln Stock Offering

(RTTNews) - W. P. Carey Inc. (WPC) said Wednesday that it has priced an underwritten public offering of 4 million shares of common stock at a public offering price of $64.00 per share.

In connection with the offering, the company has granted the underwriters a 30-day option to purchase up to an additional 600,000 shares of its common stock.

The offering is expected to settle on September 30.

W. P. Carey plans to use the net proceeds from the offering of about $245 million, after deducting the underwriting discount and other estimated offering expenses, to repay certain indebtedness, including amounts outstanding under its senior unsecured credit facility, to fund potential future acquisitions and for general corporate purposes.