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

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million shares at $21.50 a A syndicate of three investmentbanks , and – are chargeds with selling the shares on behalg of Highwoods. The underwriters have a 30-dayt option to buy as many as 915 millioh additional shares to coverany overallotments. Highwoodzs (NYSE: HIW) said it expects net proceed from the stock offeringof $125.q1 million. That projection does not factorf in any possible overallotment Highwoods says it intends to use the moneyh to repay debt and for generalcorporat purposes. The announcement of the offeringt came after the close ofmarketws Tuesday, with the pricing announced Wednesdagy morning before markets opened.
Investorss then punished the stock, sendinyg it down more than 7 percengt to closeat $21.66. As of Marchu 31, 2009, Highwoods owned or had an interesft in382 office, industrialo and retail properties encompassing approximately 35.4 million squar e feet. Highwoods also owned 580 acres ofdevelopmenft land.