One of the leading U.S. providers of commercial real estate information and websites, including apartments.com -- CoStar Group has announced it has commenced a public offering of $750.0 million of its common stock.
CoStar expects to grant the underwriters in the offering a 30-day option to purchase an additional $112.5 million of its common stock. J.P. Morgan, Goldman Sachs & Co. LLC, Citigroup, BofA Merrill Lynch, SunTrust Robinson Humphrey and Wells Fargo Securities are acting as joint-bookrunning managers for the offering. CoStar expects to use the net proceeds of the offering to fund all or a portion of the costs of any strategic acquisitions it determines to pursue in the future, to finance the growth of its business and for working capital and other general corporate purposes.
The shares are being offered pursuant to an effective shelf registration statement that has been filed with the Securities and Exchange Commission ("SEC"). A preliminary prospectus supplement related to the offering has been filed with the SEC and is available on the SEC's website at http://www.sec.gov.