Inland Real Estate (NYSE:IRC) is tapping the markets in order to win some new capital. The company announced the flotation of 9 million shares of its common stock in an underwritten public flotation. The price is $10.60 per share. Additionally, its underwriters have been granted a 30-day purchase option for up to an additional 1.35 million shares.
The firm estimates it will take in nearly $92 million in net proceeds from the offering, or slightly more than $105 million if the underwriters exercise their option in full. Inland Real Estate plans to use those funds to repay debt incurred from the $121 million purchase of 50% of the IN Retail Fund joint venture it did not formerly own.
Bank of America's (NYSE: BAC) Merrill Lynch, Wells Fargo's (NYSE: WFC) Securities unit, KeyCorp (NYSE: KEY) subsidiary KeyBanc Capital Markets, and Bank of Montreal's (NYSE: BMO) BMO Capital Markets are the joint book-running managers of the issue.
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