September 26, 2018 / 12:32 PM / a month ago

BUZZ-CyrusOne: Data center REIT dips on $500 mln stock offering

** CyrusOne Inc shares down ~5 pct at $61.65 premarket as data center REIT taps the equity market

** CONE prices 8 mln shares at $62, a 4 pct discount to stock’s Tues close, for gross raise of ~$500 mln

** Co offering 2.5 mln shares through forward sale agreement with lead-left bookrunner Morgan Stanley; expects to settle such agreement by Sept 15, 2019

** Intends to use net proceeds to repay debt, fund growth capex for recently signed leases and fund future acquisitions, among other purposes

** Offering represents about 8 pct of CyrusOne’s total shares outstanding

** YTD, CONE shares are up 9 pct. But stock has climbed ~30 pct in past 6 months

** CyrusOne one of two data center REITs tapping the equity market this week; On Mon, Digital Realty raised about $1 bln, teaming up with Brookfield Asset Management to buy Brazilian data center provider Ascenty

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