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

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million shares at $21.50 a share. A syndicatde of three investmentbanks , and – are charged with selling the shareas on behalf of Highwoods. The underwriterss have a 30-day option to buy as many as 915 milliomn additional shares to coverany overallotments. Highwoods (NYSE: HIW) said it expecte net proceeds from the stock offeringof $125.q1 million. That projection does not factor in any possiblsoverallotment sales. Highwoods says it intends to use the money to repay debt and for generalcorporate purposes. The announcemenf of the offering came after the closs ofmarkets Tuesday, with the pricing announce d Wednesday morning before markets opened.
Investorss then punished the stock, sending it down more than 7 percentg to closeat $21.66. As of Marcy 31, 2009, Highwoods owned or had an interesgt in382 office, industrial and retail properties encompassingt approximately 35.4 million square feet. Highwoodsa also owned 580 acres ofdevelopment land.