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Wells Fargo
COPT raises almost $149 million in stock offering
COPT raises almost $149 million in stock offering

A Columbia-based real estate developer said Wednesday its sale of newly issued stock raised a net of nearly $149 million, which it intends to use to pay down its debt. Corporate Office Properties Trust sold 5,520,000 shares, including 720,000 to Wells Fargo Securities LLC, which acted as the underwriter for the $148.7 million deal, which closed Nov. 5. That represents a net price after expenses and other deductions of roughly $27 per share. COPT, which specializes in properties for government and defense-related clients, said it planned to use the money to pay off borrowings, including $200.5 million in debt due in 2015 and 2016. The firm's net debt totaled just over $2 billion at...