Koger Equity Inc., a real estate investment trust based in Boca Raton, Fla., has priced a public offering of 4.5 million shares of its common stock at $20.45 per share.The office REIT said the proceeds will be used to pay down the company's revolving credit facility and for general corporate purposes. The underwriters have been granted a 30-day option to buy up to 675,000 additional shares to cover any overallotments. Morgan Stanley is the book-running manager of the offering, and Wachovia Securities is the co-manager. The REIT can be found online at http://www.koger.com.
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