02:14 PM EDT, 03/27/2024 (MT Newswires) -- Rexford Industrial Realty ( REXR ) said Tuesday that its operating partner priced an offering of $500 million in exchangeable senior notes due 2027 and $500 million in exchangeable senior notes due 2029 to qualified institutional buyers in a private offering.

The initial purchasers were given a 30-day option to buy up to an additional $75 million of 2027 notes and up to an additional $75 million of 2029 notes, the company added.

Net proceeds are expected to be about $978.8 million or around $1.13 billion if the initial purchasers fully exercise their over-allotment options, the company said.

The proceeds will be used to fund future acquisitions, development, or repositioning/redevelopment activities and for general corporate purposes, the company added.

Shares of Rexford Industrial Realty ( REXR ) rose nearly 3% in recent trading activity.

Price: 49.87, Change: +1.34, Percent Change: +2.76