Pacific Gulf Files Plan to Raise $300 Million
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NEWPORT BEACH — Pacific Gulf Properties Inc., which owns apartments and industrial properties in the western U.S., filed plans to sell as much as $300 million of debt, common or preferred shares or warrants to buy securities.
The Newport Beach-based real estate investment trust plans to use the money to buy or improve properties, repay debt or pay for other general expenses, according to a statement filed Wednesday with the Securities and Exchange Commission.
Pacific, headed by Chairman and Chief Executive Glenn L. Carpenter, may decide later what kinds of securities it will sell. A shelf filing lets a company register securities in advance and sell them later as it needs financing.
In addition, Pacific Gulf may offer about $56 million of securities that have not yet been sold from a previous shelf registration, increasing the REIT’s fund-raising capacity to $356 million, according to the filing.
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