SL Green rises 5th straight day after securing $400 mln equity raise
** Shares of SL Green Realty SLG.N rise 2.1% to $80.80 early Fri, extending winning streak to five sessions, after overnight follow-on priced
** Manhattan office REIT (real estate investment trust) late Thurs sold ~5.1 mln shares at $79 for $400 mln gross raise
** Offering priced just 15 cents below stock's last sale of $79.15
** SLG plans to use net offering proceeds for general purposes, including new debt and equity investment opportunities, and debt repayment
** The REIT has 66.7 mln shares outstanding as of Nov 21, per latest SEC filing, giving it current market cap of ~$5.4 bln
** Wells Fargo, J.P. Morgan, TD Securities, BMO and Deutsche Bank jt bookrunners for offering
** After the bell Thurs, SLG also said it closed on sale of an 11% interest in One Vanderbilt Avenue to Japan's Mori Building Co., Ltd
** With move on Fri, shares up nearly 80% YTD and have quadrupled from their Mar 2023 lows
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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