Brixmor Property Prices IPO At $20/share, Midpoint Of Expected Range

(RTTNews) - Brixmor Property Group Inc. announced the pricing of an initial public offering of 41.25 million shares of common stock at $20.00 per share, the midpoint of the expected range. The offering is expected to close on November 4, 2013.

In the amended S-11 filing with the SEC, the company planned to offer 37.5 million shares in the range of $19.00 - $21.00 per share.

The New York-based company shares will be listed on the New York Stock Exchange and trade under the ticker symbol "BRX" beginning tomorrow, October 30, 2013.

Brixmor has granted the underwriters a 30-day option to purchase up to an additional 6.19 million shares at the initial public offering price, less underwriting discounts.

Brixmor intends to use offering net proceeds, after expenses, primarily for the repayment of indebtedness and certain fees and expenses.

BofA Merrill Lynch, Citigroup, J.P. Morgan and Wells Fargo Securities are serving as joint bookrunners and representatives of the underwriters for the offering.

Brixmor, backed by private-equity firm Blackstone Group LP, operates the country's largest portfolio of grocery-anchored and neighborhood shopping centers, with 522 properties encompassing 87 million square feet of gross leasable area located primarily across the top 50 U.S. metropolitan statistical areas.