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Chelsea Property Group, Inc. (ticker: CPG, exchange: New York Stock Exchange) News Release - 14-Nov-2002
Chelsea Property Group Announces Stock Offering
ROSELAND, N.J.--(BUSINESS WIRE)--Nov. 14, 2002--Chelsea Property Group, Inc. (NYSE: CPG) today announced a public offering of 3,500,000 shares of its common stock.
All of the shares are being offered by the company. Banc of America Securities LLC will act as sole bookrunning underwriter for the offering.
The company has granted Banc of America Securities LLC an option to purchase an additional 525,000 shares of its common stock solely to cover over-allotments, if any.
The company intends to use the net proceeds from the offering for the repayment of debt and general corporate purposes.
The shares will be issued pursuant to an effective shelf registration statement that was previously filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state.
Chelsea Property Group, Inc. is a fully integrated, self-administered and self-managed real estate investment trust (REIT) that wholly or partially owns 54 Premium Outlet(R) and other retail shopping centers - containing 12.5 million square feet of GLA - in 28 states and Japan. The company's leading properties include Woodbury Common Premium Outlets, near New York City; Wrentham Village Premium Outlets, near Boston; Orlando Premium Outlets, in Orlando, Florida; Desert Hills Premium Outlets, near Palm Springs, California; and Gotemba Premium Outlets, near Tokyo, Japan. Please see www.cpgi.com for more information.
CONTACT: Chelsea Property Group, Inc., Roseland
Leslie T. Chao or Michael J. Clarke,
973/228-6111
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