Corporate Office Properties Trust Prices Public Offering of $31 Million Preferred Shares.Business Editors COLUMBIA, Md.--(BUSINESS WIRE)--Sept. 7, 2001 Corporate Office Properties Trust Corporate Office Properties Trust Inc. (COPT) (NYSE: OFC) is a publicly-traded real estate investment trust (REIT) corporation that specializes in office development, and describes itself as "a fully integrated, self-managed real estate investment trust that focuses on the (NYSE NYSE See: New York Stock Exchange :OFC OFC Office OFC Officer OFC Of Course OFC Oxygen Free Copper OFC Oceania Football Confederation (soccer) OFC Optical Fiber Cable OFC Optical Fiber Communications OFC Optical Fiber Conference ) announced today that it has priced 1,240,000 shares of 9.875% Series F Cumulative Redeemable Preferred Shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. at a price of $25.00 per share to be sold in an underwritten public offering. Gross proceeds of the offering will be $31 million. The Company will use the proceeds from the offering to repay a portion of the indebtedness under its secured revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility. The offering is being lead managed by Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. and A.G. Edwards & Sons, Inc. and co-managed by Legg Mason Wood Walker Incorporated, Prudential Securities, BB&T Capital Markets, Ferris, Baker Watts Incorporated, Janney Montgomery Scott LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , McDonald Investments Inc. and Tucker Anthony Sutro Capital Markets. The underwriters have a 30-day overallotment option overallotment option See greenshoe. to purchase up to an additional 185,000 preferred shares. The offering is being made by the Company under its shelf registration statement previously declared effective by the Securities and Exchange Commission. A copy of the final Prospectus Supplement and Prospectus relating to this offering may be obtained from Credit Suisse First Boston, 11 Madison Avenue, New York, New York 10010. Company Information Corporate Office Properties Trust is a fully-integrated, self-managed real estate investment trust, which focuses on the ownership, development, management and acquisition of suburban office properties located in targeted suburban submarkets in the United States. The Company presently owns 96 office properties totaling 7.2 million square feet of space. Corporate Development Services, the Company's development company, provides a wide range of development and construction management services. In addition, Corporate Office Services provides land planning, design/build services, consulting and merchant development to third-party entities Forward-Looking Information This press release contains forward-looking information based upon the Company's current best judgement and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with the forward-looking information include the strength of the commercial office real estate market in which the Company operates, competitive market conditions, general economic growth, interest rates and capital market conditions. For further information, please refer to the Company's filings with the Securities and Exchange Commission. |
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