HRPT Properties Trust (NYSE: HRP) announced on Thursday evening the pricing of 30 million shares of common stock as a price of $7.25 per share “to repay amounts outstanding under its $750 million revolving credit facility and fund general business activities…” The joint book-running managers are Morgan Stanley, Citigroup, and Wells Fargo; co-lead managers are Jefferies & Company, Morgan Keegan & Company, Inc., RBC Capital Markets and UBS Investment Bank. The co-managers for this offering are Janney Montgomery Scott and Oppenheimer & Co. This stock is down 2.6% at $7.30 and the trading volume is 8.7 million shares versus almost 2 million shares per day on average. The market cap before any effects of the offering is $1.64 billion and the 52-wek trading range is $2.91 to $8.13.
Netlist, Inc. (NASDAQ: NLST) priced 3,995,000 shares of common stock at $3.85 per share for gross proceeds of approximately $15.38 million. The original filing was for 3,000,000 shares. The company expects to receive net proceeds of approximately $14.12 million and it granted underwriters a 30-day overallotment option to purchase up to 599,250 additional shares. The offering was from Needham & Company, LLC as the book-runner and Roth Capital Partners LLC as co-manager. Before any effects of the offering, Netlist had a market cap if $78.5 million based upon shares being down 7.8% at $3.90. Volume is rather light at 380,000 shares as of 9:52 AM EST considering how much this one ran up exponentially on the cloud rush.
Safe Bulkers, Inc. (NYSE: SB) was not one we covered this week, but the Greek shipper priced a 9,000,000 common share stock offering at $7.00 per share. Concurrently with the pricing, it is selling 1,000,000 shares to the controlling shareholder named Vorini Holdings Inc. at the public offering price. BofA Merrill Lynch and Credit Suisse are the joint book-running managers; co-managers are Evercore Partners, Cantor Fitzgerald, DnB NOR Markets, Oppenheimer, and RBS; the underwriters were given an option to purchase up to an additional 1,350,000 shares to cover over allotments.
Trina Solar Limited (NYSE: TSL) filed to sell up to 7,900,000 ADSs this week. Credit Suisse, Goldman Sachs, and Barclays Capital will be the book-runners. The company also noted that it will grant the underwriters an option to purchase up to additional 1,185,000 shares. The offering was priced at 7.9 million ADSs at $20.25 per share. The stock was at $22.12 after a 4% drop on the announcement this week but shares right after the open are trading up 0.5% at $20.65.
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JON C. OGG
