Equity LifeStyle Launches Public Stock Offering
Equity LifeStyle Properties Inc. (ELS) said it has launched an underwritten public offering of 4 million shares of common stock.
Merrill Lynch & Co. and Wachovia Securities are acting as joint book-running managers, according Financial Wire.
ELS plans to use the net proceeds from this offering to repay secured long-term debt and for general corporate expenses.
Chicago-based ELS is an owner and operator of lifestyle-oriented properties. The company leases individual developed areas, with access to utilities for placement of factory-built homes, cottages, cabins and recreational vehicles.
The company’s customers lease individual sites or purchase right-to-use contracts that provide the customer access to specific properties for limited stays.
The underwriters will be granted a 30-day option to purchase up to 600,000 additional shares of common stock to cover overallotments.