Paramount Group Prices IPO At Midpoint Of Range

(RTTNews) - Real estate investment trust Paramount Group Inc on Tuesday priced its initial public offering of 131 million common shares at $17.50 per share, which is the midpoint of its expected price range of $16 to $19 per share. The net proceeds of the offering are estimated to be about $2.1 billion.

Paramount intends to use the proceeds to repay debts and any applicable prepayment costs, exit fees, defeasance costs and other expenses. The company expects to use any remaining proceeds for general corporate purposes, capital expenditures and potential future acquisitions.

The company's common stock is expected to begin trading on November 19 on the New York Stock Exchange under the symbol "PGRE."

The company has granted the underwriters a 30-day option to purchase up to an additional 19.65 million shares of common stock at the public offering price, less the underwriting discount, to cover over-allotments, if any.

The offering is expected to close on November 24.