Home Properties Prices Public Offering Of 3.85 Mln Shares At $63/shr

(RTTNews) - Home Properties Inc. (HME) announced that it has priced a public offering of 3.85 million shares of its common stock at a price of $63.00 per share, for net proceeds of about $232.7 million after underwriting discounts and commissions and estimated offering expenses or about $267.6 million if the underwriters' option to purchase additional shares is exercised in full.

The company noted that it has granted the underwriters a 30-day option to purchase up to an additional 577,500 shares of common stock. The offering is expected to close on or about July 12, 2013, subject to customary closing conditions.

The company said it expects to use the net proceeds from the offering to fund acquisitions, new development and redevelopment of apartment communities and general corporate purposes, which may include paying down outstanding debt, capital expenditures and other working capital requirements.