American Campus (ACC) Prices 15M Offering at $44.25/Share
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American Campus Communities, Inc. (NYSE: ACC), announced the pricing of a public offering of 15,000,000 shares of its common stock at a price of $44.25 per share. The company also granted the underwriters an option to purchase up to an additional 2,250,000 shares of common stock. Subject to customary closing conditions, the offering is expected to close on or about July 16, 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 $636.4 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 cash consideration payable in the previously announced acquisition from affiliates of Campus Acquisitions, LLC of a portfolio of 15 student housing properties. The company intends to use the remaining net proceeds to repay its current debt, including 100 percent of the outstanding balance of its revolving credit facility, to fund its 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.
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The estimated net proceeds to the company from the offering, before giving effect to any exercise of the underwriters’ option, are expected to be $636.4 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 cash consideration payable in the previously announced acquisition from affiliates of Campus Acquisitions, LLC of a portfolio of 15 student housing properties. The company intends to use the remaining net proceeds to repay its current debt, including 100 percent of the outstanding balance of its revolving credit facility, to fund its 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.
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