Gramercy raises $80m through stock offering.Gramercy gra·mer·cy interj. Archaic Used to express surprise or gratitude. [Middle English gramerci, from Old French grand merci : grand, great; see grand + Capital Corp. announced a public offering of 2,250,000 shares of its common stock for net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). before transaction expenses of approximately $60 million. Wachovia Securities Wachovia Securities, located in Richmond, Virginia (soon to be moved to St. Louis), is the third largest brokerage firm in the United States as of 2006 with $689 billion retail client assets under management. It is a subsidiary of Wachovia Corporation. acted as sole book running manager for this offering, and was granted an option to purchase up to an additional 337,500 shares to cover over-allotments. Concurrently SL Green Realty Corp., which is the company's largest shareholder and majority owner of its external manager, GKK Manager, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , agreed to purchase directly from the company 750,000 shares of its common stock for net proceeds of approximately $20 million. Consequently, SL Green will maintain its approximately 25% ownership interest in Gramercy. The closing occurred on May 16. |
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