Allied Capital offers 3.3M shares |
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Tue, 06 Mar 2007 22:32
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WASHINGTON (AP) - Investment firm Allied Capital Corp. said Tuesday it will sell 3.3 million shares of common stock in a public offering for $29.25 each.That represents a 2.7-percent discount to the stock's closing price Monday of $30.05 on the New York Stock Exchange.After the underwriting discount and estimated offering expenses, the Washington, D.C.-based company estimates the net proceeds of $93.8 million.Allied Capital said it plans to use the proceeds to reduce borrowings under its revolving line of credit, to invest in debt or equity securities, and for other general corporate purposes.The company has given the underwriters a 30-day option to purchase up to an additional 498,750 shares to cover over-allotments.Deutsche Bank Securities acted as the book-running manager for the offering, which is expected to close on March 9.As of Feb. 27, the company had about 148.6 million shares outstanding, according to a filing with the Securities and Exchange Commission.Allied Capital shares dropped $1.10, or 3.7 percent, to close at $28.95 Tuesday on the New York Stock Exchange. Shares have traded between $25.65 and $33.07 during the past 52 weeks.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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