Chelsea Property Group Completes Offering of 1.2 Million Shares of Common Stock.Business Editors ROSELAND, N.J.--(BUSINESS WIRE)--June 13, 2003 Chelsea Property Group, Inc. (NYSE NYSE See: New York Stock Exchange : CPG CPG central pattern generators. ) last night completed a public offering of 1,200,000 shares of its common stock at a price of $42.10 per share. Merrill Lynch & Co. acted as sole underwriter for the offering. Net proceeds of approximately $49.5 million before offering expenses will be used to repay unsecured bank borrowings associated with the Company's purchase of The Crossings Factory Stores, completed yesterday. The shares will be issued pursuant to an effective shelf registration statement that was previously filed with the Securities and Exchange Commission. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of such state. Chelsea Property Group, Inc. is a fully integrated, self-administered and self-managed real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) that wholly or partially owns 59 Premium Outlet and other shopping centers - containing approximately 14.9 million square feet of gross leasable area Gross leasable area (GLA) in the retail development industry is a term applied to shopping malls, lifestyle centers, outlet malls and other retail centers to indicate the amount of floor space available to be rented. - in 31 states and Japan. The Company's leading properties include Woodbury Common Premium Outlets Woodbury Common Premium Outlets, is an outlet center located in Central Valley, New York. The center is part of the Chelsea Premium Outlets group and takes its name from the town in which it is located. , near New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. ; Orlando Premium Outlets, in Orlando, Florida; Wrentham Village Premium Outlets, near Boston; and Gotemba Premium Outlets, near Tokyo. See www.cpgi.com for more information. |
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