Brixmor Property rises in 1st day on the NYSE

[October 31, 2013]  NEW YORK (AP) -- Shares of Brixmor Property Group Inc. climbed Wednesday on the real estate firm's first day as a publicly traded company.

The initial public offering priced at $20 a share. That's the midpoint of an expected range of $19 to $21.

The stock rose 52 cents, or 2.6 percent, to $20.52 in morning trading while the broader markets were mixed.

The New York-based real estate investment company is offering 41.3 million shares, about 4 million more than it had originally planned, according to a regulatory filing.

Brixmor is giving the underwriters a 30-day option to buy up to an additional 6.2 million shares.

Once the offering closes, affiliates of The Blackstone Group will still own a majority of the voting power of shares eligible to vote in the election of board members, according to the filing.

The company, which owns and runs shopping centers, raised about $826 million. It plans to use proceeds primarily to pay down debt.

The stock is listed on the New York Stock Exchange under the "BRX" ticker symbol.

The offering is scheduled to close on Monday.

[Associated Press]

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