Equity LifeStyle Launches Public Stock Offering

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June 23, 2009 by   - () Leave a Comment

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.

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