Parkway Properties Inc., Jackson, Miss., has priced the sale of 6.25 million shares of its common stock in a public offering at $13.71 per share. In addition, Parkway has granted to the underwriter for the public offering an option for 30 days to purchase up to 937,500 additional shares of common stock to cover overallotments, if any. UBS Investment Bank is the sole underwriter for the offering. Subject to customary closing conditions, the offering is expected to close on April 27, 2009. Parkway intends to use the net proceeds from the offering to reduce outstanding borrowings under its line of credit and for general corporate purposes.
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