Cousins Properties Completes Offering of Common Stock, Announces Exercise of Option to Purchase Additional Shares
ATLANTA--(BUSINESS WIRE)-- Cousins Properties Incorporated (the "Company") (NYS: CUZ) today announced the completion of its public offering of 14,354,000 shares of the Company's common stock, plus an additional 2,153,100 shares of the Company's common stock issued and sold pursuant to the exercise of the underwriters' option to purchase additional shares in full, at the public offering price of $10.45 per share.
The net proceeds from the offering, after deducting the underwriting discount and offering expenses, were approximately $165.1 million.
The Company intends to use a significant portion of the net proceeds of the offering to acquire 816 Congress Avenue, a Class-A office building in Austin, Texas. The property is currently under contract, and the acquisition is expected to close by the end of April 2013. In addition, the Company intends to use a portion of the net proceeds to redeem in full its outstanding 7.75% Series A Cumulative Redeemable Preferred Stock.
BofA Merrill Lynch, J.P. Morgan, Morgan Stanley and Wells Fargo Securities acted as joint book-running managers for the offering.
This offering was made pursuant to a prospectus supplement to the Company's prospectus dated March 29, 2013, filed as part of the Company's effective shelf registration statement relating to these securities. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the shares described herein or any other securities, nor shall there be any sale of these shares in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction. This offering may be made only by means of a prospectus supplement and the related prospectus.
Copies of the final prospectus supplement and the base prospectus relating to the shares can be obtained by contacting the underwriters as follows: BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus Department or email at email@example.com; or J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling 1-866-803-9204.
About Cousins Properties Incorporated
The Company is a leading diversified real estate company with extensive experience in development, acquisition, financing, management and leasing. Based in Atlanta, the Company actively invests in office and retail projects. The Company is a fully integrated equity real estate investment trust (REIT) and trades on the New York Stock Exchange under the symbol CUZ.
Certain matters discussed in this press release are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risk and actual results may differ materially from projections, including matters related to the completed public offering and intended use of proceeds. Readers should carefully review the Company's financial statements and notes thereto, as well as the risk factors described in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2012 and other documents the Company files from time to time with the Securities and Exchange Commission. Such forward-looking statements are based on current expectations and speak as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.
Cousins Properties Incorporated
Cameron Golden, 404-407-1984
Vice President of Investor Relations and Corporate Communications
KEYWORDS: United States North America Georgia
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