ELS, MHC Initiating $125 Million Stock Offering
Equity LifeStyle Properties Inc. (ELS) and MHC Operating Limited Partnership, an Illinois limited partnership, entered into four separate equity distribution agreements to sell up to $125 million of ELS stock.
The agreements were with RBC Capital Markets LLC, RBS Securities Inc., Wells Fargo Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Inc., according to a filing with the Securities and Exchange Commission (SEC).
The common stock sold in the offering will be issued pursuant to a prospectus dated May 8, 2012, and a prospectus supplement filed with the SEC on Sept. 6.
The company intends to use the proceeds from any sales in the offering for general corporate purposes, which may include the repayment of existing indebtedness, the development or acquisition of additional properties as suitable opportunities arise and the renovation, expansion and improvement of the company’s existing properties.