Freehold-based Monmouth Real Estate Investment Corporation, a real estate investment trust, announced Monday it has publicly offered 7 million shares of its common stock.According to the announcement, Monmouth Real Estate will grant underwriters a 30-day option to purchase up to an additional 1.05 million shares.
The company plans to use proceeds from its offering to repay outstanding borrowings under its unsecured revolving credit facility, to purchase additional properties and to help fund expansion of existing properties for general corporate purposes, the announcement said.
BMO Capital Markets Corp. and J.P. Morgan are the joint bookrunning managers for the offering. Wunderlich Securities, D.A. Davidson & Co. and CSCA are co-managers for it.
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