CoreSite Realty Corporation Announces Pricing of 4,000,000 Shares of 7.25% Series A Cumulative Redeemable Preferred Stock
December 05 2012 - 10:42AM
Business Wire
CoreSite Realty Corporation (NYSE: COR), an owner, developer and
operator of strategically located data centers in some of the
leading communications hubs in North America, today announced the
pricing of an underwritten public offering of 4,000,000 shares of
7.25% Series A Cumulative Redeemable Preferred Stock at a price of
$25.00 per share for gross proceeds of $100 million. The offering
is expected to close on December 12, 2012, subject to closing
conditions. The Company has granted the underwriters a 30-day
option to purchase up to an additional 600,000 shares of its 7.25%
Series A Cumulative Redeemable Preferred Stock to cover
over-allotments, if any. The Company intends to apply to list the
shares on the New York Stock Exchange.
The Company intends to contribute the net proceeds from this
offering to its operating partnership, CoreSite, L.P., which will
subsequently use the net proceeds received from the Company to
temporarily repay borrowings under its revolving credit facility,
to repay the full amount of the mortgage loan payable on its 12100
Sunrise Valley property and for general corporate purposes, which
could include the acquisition of additional properties or to fund
development and redevelopment opportunities. The offering is being
made pursuant to an effective shelf registration statement,
prospectus and related prospectus supplement filed by the Company
with the Securities and Exchange Commission.
Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner
& Smith Incorporated and RBC Capital Markets, LLC are the joint
book-running managers for the offering. Credit Suisse Securities
(USA) LLC and KeyBanc Capital Markets Inc. are the co- managers for
the offering.
A copy of the prospectus supplement and the accompanying
prospectus relating to these securities may be obtained, when
available, by contacting Citigroup, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (tel:
800-831-9146) or email: batprospectusdept@citi.com; Merrill Lynch,
Pierce, Fenner & Smith Incorporated, 222 Broadway, 7th Floor,
New York, NY 10038, attention: Prospectus Department, or e-mail
dg.prospectus_requests@baml.com. Phone: 1-800-294-1322; RBC Capital
Markets, LLC, Attention: Prospectus Department, Three World
Financial Center, 200 Vesey Street, 8th floor, New York, New York
10281-8098, (866) 375-6829, rbcnyfixedincomeprospectus@rbccm.com;
Credit Suisse Securities (USA) LLC, One Madison Avenue, New York,
NY 10010, Attn: Prospectus Department. Phone: 1-800-221-1037;
KeyBanc Capital Markets Inc., Phone: (866) 227-6479.
This press release is for informational purposes only and is not
an offer to sell or the solicitation of an offer to buy with
respect to any securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The offering is not being
made in any jurisdiction in which the making or acceptance thereof
would not be in compliance with the securities, blue sky or other
laws of such jurisdiction.
About CoreSite
CoreSite Realty Corporation (NYSE: COR) is an owner, developer
and operator of strategically located data centers in some of the
leading communications hubs in North America. These locations are
among the largest and fastest growing data center markets in the
United States, including Los Angeles, the San Francisco Bay and
Northern Virginia areas, Chicago, Boston, New York City, Miami,
Denver, and Washington, DC. CoreSite works with a broad and growing
customer base of over 750 customers, including network and mobility
services providers, cloud service providers, digital content
organizations, systems integrators, managed service providers and
enterprise customers of all sizes with a variety of space, power
and interconnection needs. As of September 30, 2012, CoreSite’s
property portfolio included 14 operating data center facilities and
one development site, which collectively comprise over
2.1 million net rentable square feet, or NRSF, of which
approximately 1.2 million NRSF represented existing data
center space.
Forward Looking Statements
This press release contains forward-looking statements which are
based on current expectations, forecasts and assumptions that
involve risks and uncertainties that could cause actual outcomes
and results to differ materially. Such forward-looking statements
include statements related to the completion and timing of the
offering, the intended use of proceeds from the offering and the
intended listing of the shares on the New York Stock Exchange.
These risks and uncertainties include, among others, the following:
the geographic concentration of CoreSite’s data centers in certain
markets and any adverse developments in local economic conditions
or the demand for data center space in these markets; fluctuations
in interest rates and increased operating costs; difficulties in
identifying properties to acquire and completing acquisitions;
significant industry competition; CoreSite’s failure to obtain
necessary outside financing; CoreSite’s failure to qualify or
maintain its status as a REIT; financial market fluctuations;
changes in real estate and zoning laws and increases in real
property tax rates; and other factors affecting the real estate
industry generally. For a further list and description of such
risks and uncertainties, see the reports and other filings by the
Company with the U.S. Securities and Exchange Commission, including
the Company’s Annual Report on Form 10-K for the year ended
December 31, 2011. The Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
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