Equity One to sell 4.2 million shares in public offering, plans to pay down mortgage debt

Equity One to sell 4.2 million shares

NORTH MIAMI BEACH, Fla. — Shopping center owner Equity One Inc. said Tuesday it will sell 4.2 million shares of stock in a public offering.

The company also said MGN America LLC and Gazit America Inc., which are affiliated with Equity One’s largest stockholder Gazit-Globe Ltd., agreed to buy 600,000 shares in a private placement.

Equity One did not specify a sale price.

The company said it plans to use net proceeds to pay mortgage debt and for general corporate purposes. Underwriters have a 30-day option to buy an additional 630,000 shares if demand exceeds initial supply.

The company currently has about 86.1 million shares outstanding.

The sale’s potential dilutive effect on current holders’ stakes sent the stock down 61 cents, or 3.2 percent, to $18.41 in after-hours trading. During the regular session, Equity One shares added 9 cents to close at $19.02.