Cedar Prices Stock Offering

Cedar Shopping Centers Inc., a real estate investment trust based in Port Washington, N.Y., has priced 9.0 million shares of common stock at $14.60 per share.Of the shares sold, 6.0 million were newly issued by Cedar, while 3.0 million shares were sold in a forward sale to Merrill Lynch, Pierce, Fenner & Smith Inc. The forward sale agreement will settle in approximately 12 months, or earlier at the company's option. The net proceeds of $83.2 million will be used to repay the secured revolving credit facility and for general corporate purposes, the REIT said. An additional $41.6 million in proceeds will be received when the forward sale agreement is physically settled. Those funds could be used to finance potential acquisitions and for general purposes. Merrill Lynch & Co. is the sole bookrunner for the offering.