PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Wed, April 24, 2:16 AM
| This Slide: #478 of 620 |
Slide #478. Preferred Apartment Communities, Inc. — Preferred Stock Offering
Company:
Preferred Apartment Communities, Inc. (APTS)
Date announced:
11/11/2013
Shares Offered:
3,870,968
Date of Pricing:
11/12/2013
Price Per Share:
$7.75
Preferred Stock Offering Details:
Preferred Apartment Communities, Inc. (NYSE MKT: APTS), or PAC, announced today that it intends to offer for sale 3,225,805 shares of its common stock in an underwritten public offering. In connection with this offering, PAC intends to grant the underwriters a 30-day option to purchase an additional 483,871 shares of its common stock. All shares in the offering are being offered by PAC. The offering is subject to market conditions and there can be no assurance as to whether or when the offering may be completed or as to the actual size or terms of the offering. PAC intends to use the net proceeds from this offering, including net proceeds from any exercise by the underwriters of their option to purchase additional shares of PAC's common stock, to repay outstanding indebtedness under PAC's existing senior secured revolving credit facility, and any remainder for other general corporate purposes, including making investments in accordance with PAC's investment objectives. - updated 11/12 - Preferred Apartment Communities, Inc. (NYSE MKT: APTS), or PAC, today announced the pricing of an underwritten public offering of 3,870,968 shares of its common stock, offered at a price of $7.75 per share to the public. Due to significant demand, PAC has agreed to upsize the offering by 20% from 3,225,805 to 3,870,968 shares of its common stock. The net proceeds to PAC from this offering are expected to be approximately $28.0 million, after deducting underwriting discounts and commissions, and other estimated offering expenses payable by PAC. All of the shares in the offering are to be sold by PAC. The offering is expected to close on or about November 15, 2013, subject to the satisfaction of customary closing conditions. PAC has granted the underwriters a 30-day option to purchase up to an aggregate of 580,645 additional shares. PAC intends to use the net proceeds from this offering, including net proceeds from any exercise by the underwriters of their option to purchase additional shares of PAC's common stock, to repay outstanding indebtedness under PAC's existing senior secured revolving credit facility, and any remainder for other general corporate purposes, including making investments in accordance with PAC's investment objectives.
Preferred Apartment Communities is a holding company. Through its subsidiaries, Co. is a real estate investment trust, engaged primarily in the ownership and operation of multifamily properties, with select investments in grocery-anchored shopping centers. Co. operates within the following four operating segments: Residential Properties, which consists of its portfolio of residential multifamily communities; Financing, which consists of its portfolio of real estate loans, bridge loans, and other instruments; New Market Properties, which consists of its portfolio of grocery-anchored shopping centers; and Preferred Office Properties, which consists of its portfolio of office buildings.
Open the APTS Page at Preferred Stock Channel »
|
|||||||||
|
|
Open the APTS Page at Preferred Stock Channel (in a new window) »
 Free APTS Email Alerts:
Get Dividend Alerts 
Get SEC Filing Alerts
|
Avg. Broker Rec.
 
|
Buy (3.00 out of 4) 100th percentile
(ranked higher than approx. 100% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com |
|
|
