CommonWealth REIT Prices Offering of 10,000,000 Common Shares
NEWTON, Mass.--(BUSINESS WIRE)--
CommonWealth REIT (NYSE: CWH) today announced it priced a public
offering of 10,000,000 common shares at a price to the public of $24.00
per share. The settlement of this offering is expected to occur on
Monday, July 18th. CWH expects to use the proceeds of this offering to
repay amounts outstanding under its revolving credit facility and for
general business purposes, including funding acquisitions. The
underwriters have been granted a 30-day option to purchase up to an
additional 1,500,000 common shares to cover over-allotments, if any.
The joint bookrunning managers for this offering are Citi, Morgan
Stanley and Wells Fargo Securities. The co-lead managers for this
offering are BofA Merrill Lynch, Jefferies & Company, Inc., RBC Capital
Markets and UBS Investment Bank. The co-managers for this offering are
BB&T Capital Markets, Janney Montgomery Scott, JMP Securities and
Oppenheimer & Co.
This press release is neither an offer to sell nor a solicitation of an
offer to buy shares, nor shall there be any sale of these securities in
any state or jurisdiction in which the offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities
laws of such state or jurisdiction. The prospectus supplement relating
to this offering and related prospectus are expected to be filed with
the Securities and Exchange Commission (SEC) and copies can be obtained
by contacting the offices of: Citi, Prospectus Department, Brooklyn Army
Terminal, 140 58th Street, 8th floor, Brooklyn, NY 11220, telephone:
(800) 831-9146, Morgan Stanley & Co. LLC at 180 Varick Street, 2nd
Floor, New York, New York 10014, Attn: Prospectus Department, telephone:
(866) 718-1649 and Wells Fargo Securities, Attention: Equity Syndicate
Dept., 375 Park Avenue, New York, NY 10152, telephone: (800) 326-5897.
WARNING REGARDING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE INCLUDES FORWARD LOOKING STATEMENTS WITHIN THE
MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND
OTHER FEDERAL SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS ARE
BASED UPON CWH'S PRESENT BELIEFS AND EXPECTATIONS, BUT THESE FORWARD
LOOKING STATEMENTS ARE NOT GUARANTEED. FOR EXAMPLE:
THIS PRESS RELEASE STATES THAT THE SETTLEMENT OF THE OFFERING OF
COMMON SHARES IS EXPECTED TO OCCUR ON MONDAY, JULY 18, 2011. IN FACT,
THE SETTLEMENT OF THIS OFFERING IS SUBJECT TO VARIOUS CONDITIONS AND
CONTINGENCIES AS ARE CUSTOMARY IN UNDERWRITING AGREEMENTS IN THE
UNITED STATES. IF THESE CONDITIONS ARE NOT SATISFIED OR THE SPECIFIED
CONTINGENCIES DO NOT OCCUR, THIS OFFERING MAY NOT CLOSE.
THIS PRESS RELEASE STATES THAT THE UNDERWRITERS HAVE BEEN GRANTED AN
OPTION TO PURCHASE UP TO AN ADDITIONAL 1,500,000 COMMON SHARES TO
COVER OVER-ALLOTMENTS, IF ANY. AN IMPLICATION OF THIS STATEMENT MAY BE
THAT THIS OPTION MAY BE EXERCISED IN WHOLE OR IN PART. IN FACT, CWH
DOES NOT KNOW WHETHER THE UNDERWRITERS WILL EXERCISE THIS OPTION, OR
ANY PART OF IT.
FOR THESE REASONS, AMONG OTHERS, INVESTORS ARE CAUTIONED NOT TO PLACE
UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.
A Maryland Real Estate Investment Trust with transferable shares of
beneficial interest listed on the New York Stock Exchange.No
shareholder, Trustee or officer is personally liable for any act or
obligation of the Trust.
CommonWealth REIT Timothy A. Bonang, 617-796-8222 Vice
President, Investor Relations or Carlynn Finn, 617-796-8222 Manager,