EdR Prices Public Offering Of 21.3 Mln Shares At $10.20 Per Share

(RTTNews) - EdR (EDR) announced that it has priced its public offering of 21.3 million shares of its common stock at a price to the public of $10.20 per share.

The company has also granted the underwriters a 30-day option to purchase up to 3.195 million additional shares of common stock, at the price to the public less the underwriting discount.

The offering is expected to close on or about June 24, 2014.

The net proceeds to the company, after deducting the underwriting discount and other estimated offering expenses, are expected to be approximately $208 million, exclusive of the underwriters' option to purchase additional shares.

The company intends to use the net proceeds received from this offering to fund the acquisition of The District on Apache at Arizona State University and to reduce amounts outstanding under its unsecured revolving credit facility or for general corporate purposes, which may include funding its development pipeline or acquiring additional communities.

BofA Merrill Lynch, KeyBanc Capital Markets and RBC Capital Markets are serving as joint book-running managers for the offering. Baird, J.P. Morgan and PNC Capital Markets LLC are acting as senior co-managers and Sandler O'Neill + Partners, L.P. and Piper Jaffray are acting as co-managers.