Glimcher Realty Trust says offering of 16.1M common shares generated net proceeds of $96M

Glimcher offering raises $96M after costs

COLUMBUS, Ohio — Real estate investment trust Glimcher Realty Trust said Friday a recently completed public offering of 16.1 million common shares generated about $96 million, after commissions, discounts and expenses.

The offering was priced at $6.25 a share and the final tally includes 2.1 million shares issued and sold after underwriters exercised their option to buy additional shares.

The shopping mall and community center owner intends to use the net proceeds of the offering to reduce the outstanding principal amount under its corporate credit facility. That should boost its ability to borrow funds for future property acquisitions and other expenses, Glimcher said.

Shares of Glimcher slipped a penny to $6.56 in afternoon trading.