JACKSON, Miss., Dec. 12 /PRNewswire-FirstCall/ -- Parkway Properties,
Inc. (NYSE: PKY) announced today that it has agreed to sell 420,000 shares
of common stock in a follow-on public offering. Gross proceeds from the
offering will be approximately $21.4 million. Banc of America Securities
LLC is acting as the sole underwriter for the offering. The Company intends
to use the net proceeds from the offering to repay indebtedness outstanding
under a $19.3 million mezzanine loan incurred in connection with the
purchase of 111 East Wacker Drive, Chicago, Illinois and the Company's $200
million credit facility. The Company anticipates redrawing amounts under
the $200 million credit facility in connection with future acquisitions and
for general corporate purposes.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030513/PARKLOGO )
The common stock will be issued pursuant to an effective registration
statement on Form S-3 that was previously filed with the Securities and
Exchange Commission. This communication shall not constitute an offer to
sell nor shall there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale would be unlawful
prior to the registration on qualification under the securities laws of any
such state or other jurisdiction. A copy of the prospectus relating to
these securities may be obtained, when available, from Banc of America
Securities LLC, Capital Markets (Prospectus Fulfillment) by e-mail to
dg.prospectus_distribution@bofasecurities.com or by mail to Banc of America
Securities LLC, Capital Markets Operations, 100 West 33rd Street, 3rd
Floor, New York, NY 10001.
Parkway Properties, Inc. is a self-administered real estate investment
trust specializing in the operations, acquisition, ownership, management,
and leasing of office properties. The Company is geographically focused on
the Southeastern and Southwestern United States and Chicago. Parkway owns
or has an interest in 66 office properties located in 11 states with an
aggregate of approximately 12.9 million square feet of leasable space as of
December 12, 2006. The Company also offers fee-based real estate services
through its wholly owned subsidiary, Parkway Realty Services.
Certain matters discussed in this release are forward-looking
statements that are subject to risks and uncertainties that could cause
actual results to differ materially from those projected, including the
risks and uncertainties of acquiring, owning, operating, and disposing of
real estate. Such risks and uncertainties are disclosed in the Company's
past and current filings with the United States Securities and Exchange
Commission.
CONTACT: WILLIAM R. FLATT
CHIEF FINANCIAL OFFICER
(601) 948-4091
SOURCE Parkway Properties, Inc.
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Related links:
http://www.pky.com/
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20030513/PARKLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
http://www.prnewswire.com/comp/103115.html/
CONTACT:
William R. Flatt, Chief Financial Officer of
Parkway Properties, Inc., +1-601-948-4091
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