Forestar greenshoe ups tangible equity units to $150 million

By Tali David

Minneapolis, Dec. 2 - Underwriters for Forestar Group, Inc.'s offering of 6% tangible equity units exercised their over-allotment option in full, adding an additional $15 million, or 600,000 units, according to a press release.

The company sold $135 million, or 5.4 million of the units at $25.00 par, which have a distribution rate of 6% and an initial conversion premium of 20%, on Nov. 22.

As previously reported, Goldman Sachs & Co. was the bookrunning manager.

Proceeds are expected to be used for general corporate purposes, including investments in strategic growth opportunities.

Austin, Texas-based Forestar is a real estate, mineral and fiber resources company.

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