Shares Decline After 4 Companies Unveil Stock Offerings

Date : 05/12/2011 @ 5:40PM
Source : Dow Jones News
Stock : Lexington Realty Trust (LXP)
Quote : 9.17  0.0 (0.00%) @ 4:00AM

Shares Decline After 4 Companies Unveil Stock Offerings

Antares (AMEX:AIS)
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Shares of Antares Pharma Inc. (AIS) slid in after-hours trading Thursday after the biotechnology company said it would offer common stock to raise proceeds for development of the company's proprietary treatment of rheumatoid arthritis.

A trio of companies--El Paso Pipeline Partners LP (EPB), Lexington Realty Trust (LXP) and Scorpio Tankers Inc. (STNG)--each announced separate plans to launch stock or unit offerings of their own, and their shares fell after hours.

Antares' shares fell 6.1% to $1.69 in after-hours trading. Scorpio Tankers' stock dropped 6.7% to $10.50, while El Paso's was off 3.6% to $34.40. Lexington Realty's slid 2.9% to $9.36.

El Paso Pipeline Partners, a limited partnership formed by El Paso Corp. (EP) to own and operate natural gas transportation pipelines and storage assets, said it would offer 14 million common units. The company, which has about 180 million units outstanding, said it plans to use proceeds for general partner capital contributions and for possible acquisitions and capital expenditures.

Shipping company Scorpio Tankers plans to sell 5.5 million shares, with proceeds to be used to purchase vessels and for possible working capital and general corporate expenses. The company has about 24.1 million shares outstanding.

Lexington Realty, a real-estate investment trust that manages single-tenant office, industrial and retail properties, plans to offer 8 million shares to repay outstanding borrowing under its secured credit facility and for general corporate purposes. The REIT has about 142.6 million shares outstanding.

-By John Kell, Dow Jones Newswires; 212-416-2480;

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