Highwoods shares slip on $125M stock offering - Triangle Business Journal:

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million shares at $21.50 a share. A syndicate of three investmentrbanks – , and – are chargedd with selling the shares on behalfr of Highwoods. The underwriters have a 30-day optiob to buy as many as 915 millio n additional shares to cover any Highwoods (NYSE: HIW) said it expecte net proceeds from the stock offering of $125.21 million. That projection does not factor in any possibledoverallotment sales. Highwoods says it intendsw to use the money to repay debt and for generallcorporate purposes. The announcement of the offering came afteer the close ofmarkets Tuesday, with the pricingf announced Wednesday morning before marketxs opened.
Investors then punished the sending it down more than 7 percenft to closeat $21.66. As of Marcnh 31, 2009, Highwoods owned or had an interest in382 office, industria and retail properties encompassing approximately 35.4 millio n square feet. Highwoods also owned 580 acresx ofdevelopment land.