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Today's Big Losers: CUZ, GRT, SFD Tuesday, September 15, 12:39 PM ET
Several stocks are taking a hit today on news of common stock offerings. Real estate company Cousins Properties (NYSE:CUZ) announced an offering of 4.8 million common shares. Cousins Properties said it would use the proceeds to pay down its credit facility. Shares were off 6% Tuesday morning to 7 dollars and 63 cents per share.
Another real estate company, Glimcher Realty Trust (GRT), announced a common stock offering as well, looking to raise 80 million dollars which could go to pay down debt. Yesterday Glimcher announced it will sell its Lloyd Center property for 192 million dollars, which will generate about 60 million dollars in net proceeds. Glimcher also announced yesterday that the company had received commitments from its lenders to modify its credit facility by relaxing certain covenants and extending the facility through December 2011. Glimcher shares down over 9% in early trading Tuesday.
And pork producer Smithfield Foods (SFD) announced a quarter billion dollar common stock offering. Smithfield said it may use the proceeds to pay down debt to strengthen its balance sheet. Morgan Stanley (NYSE:MS), Goldman Sachs (NYSE:GS), Barclays Capital (NYSE:BCS) and J.P. Morgan (NYSE:JPM) are all joint bookrunning managers for the offering.
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