Government Properties Trust, a Maryland company that is seeking real estate investment trust status, is planning an initial public offering of about 14 million common shares with an expected price per share in the $9-11 range.The company proposes to use the proceeds of up to $154 million to acquire commercial real estate properties that are under long-term lease to U.S. government entities. In a Securities and Exchange Commission filing that has not yet become effective, the company says it plans to use debt financing to finance about 75% of the cost of the properties to be acquired, and also expects to tap equity financing and short-term credit lines. GPT said it has received a commitment for a $50 million line of credit from a group of commercial banks. Friedman Billings Ramsey is an underwriter of the IPO, which is expected to price on Jan. 22. An affiliate of FBR has also provided GPT with a $1 million line of credit, outstanding amounts of which will be paid from the proceeds of the offering.

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