Cousins Properties Prices $600 Mln Stock Offering

(RTTNews) - Cousins Properties Inc. (CUZ) said Tuesday that it has priced its underwritten public offering of 60 million shares of its common stock at $10.00 per share, for gross proceeds of $600 million.

The underwriters have been granted a 30-day option to purchase up to an additional 9 million shares.

The offering is expected to close on or about August 5.

The company plans to use the net proceeds of the offering to fund a portion of the purchase price of the previously announced pending acquisition of a 5.3 million square foot Texas office portfolio comprised of Greenway Plaza, a 10-building office complex in Houston, Texas, and 777 Main Street, a Class A office tower in Fort Worth, Texas, for a total purchase price of about $1.1 billion.

Any remaining proceeds will be used for general corporate purposes, including the redemption of all or a portion of the Company's Series B Preferred Stock, the acquisition and development of office properties, other opportunistic investments and the repayment of debt.