Pacific Gulf Stock Sale
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NEWPORT BEACH — Real estate investment trust Pacific Gulf Properties plans to issue more stock to pay down debt and fund additional acquisitions.
The company said Wednesday that it will sell 1.41 million shares of convertible preferred stock to Five Arrows Realty Securities, a private investment fund, for $30 million. These shares, convertible to common stock, must be purchased before the end of the year. Five Arrows agreed last year to purchase 1.35 million shares, and has purchased 270,270 of that amount so far for $5 million.
If Five Arrows purchases the entire amounts, it would have a 20% stake in Pacific.
Pacific Gulf also said Wednesday that it plans to issue another 1.5 million shares of common stock via a public offering that will be managed by Prudential Securities Inc. The stock rose 25 cents a share Wednesday to close at $21.375 on the New York Stock Exchange.
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