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 (BAC +0.23%) Merrill Lynch, Wells Fargo's (WFC 0.17%) Securities unit, KeyCorp (KEY 0.51%) subsidiary KeyBanc Capital Markets, and Bank of Montreal's (BMO 2.87%) BMO Capital Markets are the joint book-running managers of the issue.
