Newton-based CommonWealth REIT has priced an underwritten public offering of $250 million of 5.875 percent unsecured senior notes due Sept. 15, 2020.

The settlement of this offering is expected to occur on Sept. 17, 2010. CommonWealth intends to use the net proceeds of this offering initially to reduce amounts outstanding under its revolving credit facility. Following such reduction, CommonWealth expects to use borrowings available under its revolving credit facility to redeem the remaining 7 million shares outstanding of its 8 ¾ percent Series B cumulative redeemable preferred shares.

The joint book-running managers for this offering were Banc of America Securities LLC, Citigroup Global Markets Inc., and UBS Securities LLC. The joint lead managers for this offering were, Jefferies & Co. Inc., Morgan Keegan & Co. Inc., Morgan Stanley & Co. Inc., RBC Capital Markets Corp. and Wells Fargo Securities LLC.