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American Campus Communities Inc Announces Sale Of Common Stock


Thursday, 25 Oct 2012 06:30pm EDT 

American Campus Communities Inc announced the pricing of a public offering of 11,000,000 shares of common stock at a price of $43.75 per share. The Company also granted the underwriters an option to purchase up to an additional 1,650,000 shares of common stock. The offering is expected to close on or about October 31, 2012. The estimated net proceeds to the Company from the offering, before giving effect to any exercise of the underwriters` option, are expected to be $461.2 million after deducting the underwriting discount and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the offering to fund the consideration payable in the previously announced acquisition from affiliates of Kayne Anderson Capital Advisors, L.P. of a portfolio of 19 select student housing properties. The Company intends to use the remaining net proceeds to repay current debt, including a portion of the outstanding balance of revolving credit facility, to fund current development pipeline and potential acquisitions of student housing properties and for general corporate purposes. BofA Merrill Lynch, KeyBanc Capital Markets, Deutsche Bank Securities and J.P. Morgan served as joint book-running managers for the offering. 

Company Quote

40.01
-0.01 -0.03%
12:27pm EDT