LOS ANGELES, Dec 18, 2009 (BUSINESS WIRE) -- Thomas Properties Group, Inc. (NASDAQ:TPGI) announced today that it has
entered into a subscription agreement with certain institutional
investors for the sale of 5,138,600 shares of its common stock at a
negotiated price of $2.55 per share through a registered direct
offering. The transaction is expected to provide net proceeds of
approximately $13.1 million to the company after deducting costs
associated with the offering, and will be used to fund a portion of a
discounted payoff of mezzanine indebtedness on Two Commerce Square which
is scheduled to mature in January 2010. The parties expect to close the
transaction on or about December 23, 2009.
The shares of common stock offered by Thomas Properties Group, Inc. in
this transaction will be issued pursuant to the company's existing shelf
registration statements that were previously filed with and declared
effective by the Securities and Exchange Commission ("SEC") (File Nos.:
333-132915 and 333-152152). There was no underwriter or placement agent
in this transaction.
This press release is for informational purposes only and is not an
offer to buy or the solicitation of an offer to sell any security of the
company, nor will there be any sale of any security in any jurisdiction
in which such offer, sale or solicitation would be unlawful. The
offering is being made only by means of a prospectus supplement and
related base prospectus, a copy of which has been filed with the SEC and
is available on its website at www.sec.gov,
or alternatively may be obtained by contacting the company at the
following address: Thomas Properties Group, Inc., 515 South Flower
Street, Sixth Floor, Los Angeles, California 90071; (213) 613-1900;
Attention: Investor Relations--Diana M. Laing.
About Thomas Properties Group
Thomas Properties Group, Inc., based in Los Angeles, is a full-service
real estate company that owns, acquires, develops and manages primarily
office, as well as mixed-use and residential properties on a nationwide
basis. The company's primary areas of focus are the acquisition and
ownership of premier properties, property development and redevelopment,
and property and investment management activities. The company seeks to
capitalize on opportunities for above-average risk-adjusted investment
returns from real estate, while managing the volatility associated with
the real estate industry through joint-venture ownership structures. For
more information on Thomas Properties Group, Inc., visit www.tpgre.com.
Cautionary Note Regarding Forward-Looking Statements
Except for historical information, statements made in this press
release, including those relating to the offering and the use of
proceeds from the offering, are "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934, as amended. All statements, other
than statements of historical facts, included in this press release that
address activities, events or developments that we expect, believe or
anticipate will or may occur in the future are forward-looking
statements. Such statements are subject to a number of assumptions,
risks and uncertainties, many of which are beyond the company's control,
which may cause actual results to differ materially from those implied
or expressed by the forward-looking statements. These risks are
addressed in Thomas Properties Group, Inc.'s periodic and other reports
filed with the SEC, including but not limited to its Annual Report on
Form 10-K for the fiscal year ended December 31, 2008.
SOURCE: Thomas Properties Group, Inc.
Thomas Properties Group, Inc.
Diana Laing, 213-613-1900
dlaing@tpgre.com
