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Preferred Apartment Communities Inc Announces $40.0 Million Private Placement

Thursday, 17 Jan 2013 09:01am EST 

Preferred Apartment Communities Inc announced that it has entered into definitive purchase agreements with institutional accredited investors and closed a private placement transaction raising gross proceeds of $40.0 million. Under the terms of this transaction, PAC issued 40,000 shares of its Series B Mandatorily Convertible Cumulative Perpetual Preferred Stock at a purchase price of $1,000 per share. The Series B Preferred Stock will automatically be converted into shares of common stock of the Company following, and subject to, stockholder approval. The shares of Series B Preferred Stock have a conversion price of $7.00 per common share. The Company has agreed to file a resale registration statement by no later than April 15, 2013 for the purpose of registering the resale of the underlying shares of common stock into which the shares of Series B Preferred Stock are convertible following stockholder approval. The Company expects to use the net offering proceeds to acquire multifamily residential properties. Wunderlich Securities, Inc. and Compass Point Research & Trading, LLC acted as the lead placements agents for the private placement. 

Company Quote

-0.05 -0.57%
17 Dec 2014