CBL: Underwriters exercised option for more stock (AP)
Fri, 12 Jun 2009 15:11:19 Etc/GM
The option was granted to underwriters in connection with a public offering of 58.4 million shares.
The company said due to underwriters exercising that option, it has sold a total of 66.6 million shares in the offering for proceeds of about $382 million.
CBL said it will use the proceeds to repay outstanding borrowings under its credit facilities and for general corporate purposes.
The offering is expected to close on or about June 15.
CBL shares rose 8 cents to $6.09 in morning trading.
source: http://biz.yahoo.com/ap/090612/us_cbl_associates_properties_stock_offer.html?.v=1