Cedar Shopping Centers Inc., a real estate investment trust based in Port Washington, N.Y., has priced 7.5 million shares of common stock at $16 per share.The estimated net proceeds of $113.9 million are expected to be used to repay amounts outstanding under Cedar's secured revolving credit facility, the REIT said. The underwriters have been granted an option to buy up to 1.125 million additional shares to cover any overallotments. Citigroup and Banc of America Securities LLC are the joint book-running managers for the offering, and Raymond James is the lead manager.
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