NEWTON, MA-Newton, MA-based Industrial Logistics Properties Trust (Nasdaq: ILPT) announced that it has priced an initial public offering of 20,000,000 common shares of beneficial interest at $24.00 per share, the company said in a statement.
The settlement of this offering is expected to occur on January 17, 2018. The underwriters have a 30 day option to purchase up to an additional 3,000,000 shares to cover overallotments, if any. All the shares are being offered by ILPT.
ILPT intends to set aside approximately $2 million of the net proceeds from the offering for working capital and use the balance of such proceeds to reduce the amount outstanding under its credit facility.
A registration statement relating to the offering of the common shares of beneficial interest of ILPT discussed above was declared effective by the Securities and Exchange Commission on January 11, 2018.
UBS Investment Bank, Citigroup, RBC Capital Markets, BofA Merrill Lynch, Morgan Stanley and Wells Fargo Securities are the joint book running managers for the offering. B. Riley | FBR, BB&T Capital Markets, Janney Montgomery Scott, JMP Securities and Oppenheimer & Co. are the co-managers for the offering.