Lexington Realty Trust Prices Public Offering Of 10.00 Mln Shares At $11.17/shr

(RTTNews) - Lexington Realty Trust (LXP), a real estate investment trust focused on single-tenant real estate investments, announced Friday that it priced an underwritten public offering of 10.00 million common shares at a public offering price of $11.17 per share.

It expects that the gross proceeds from the offering will be $111.7 million before underwriting discounts and commissions and estimated offering expenses.

The company also granted the underwriters of the offering a 30-day option to purchase up to an additional 1.50 million common shares. The offering is expected to close on or about October 17, 2013, subject to customary closing conditions.

The firm expects to use all of the net proceeds of the offering to pay down amounts outstanding under its unsecured revolving credit facility, a portion of which was used to fund the previously announced acquisition of the three long-term leased land parcels in New York, New York.