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Cogdell Spencer prices stock offering

Charlotte-based Cogdell Spencer said Thursday that it has priced an underwritten public offering of 2.6 million shares of its 8.5 percent Series A cumulative redeemable perpetual preferred stock with a liquidation preference of $25 a share.

The company also has granted underwriters an option to purchase up to an additional 390,000 shares of the preferred stock to cover any overallotments.

Net proceeds from the offering will be approximately $62.8 million — or $72.2 million if the underwriters purchase additional shares in full.

The company will use the proceeds to repay in full Erdman’s senior secured term loan and for working capital purposes.

Cogdell Spencer is a real estate investment trust that invests in specialty office buildings for the medical profession.

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