American Campus Communities (ACC) Prices 8.5M Shares at $21.25/Share
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Late last night, American Campus Communities, Inc. (NYSE: ACC) announced the pricing of a public offering of 8,500,000 shares of its common stock at a price of $21.25 per share. The company also granted the underwriters an option to purchase up to an additional 1,275,000 shares of common stock to cover overallotments, if any. Subject to customary closing conditions, the offering is expected to close on or about May 11, 2009.
The estimated net proceeds to the Company from the offering, before giving effect to any exercise of the underwriters' overallotment option, are expected to be $172.7 million. The company intends to use the net proceeds to repay debt, including the outstanding balance of its revolving credit facility, to fund its American Campus Equity (ACE(TM)) pipeline and opportunistic acquisitions and for general corporate purposes.
Merrill Lynch & Co., KeyBanc Capital Markets Inc., Deutsche Bank Securities and J.P.Morgan served as joint book-running managers for the offering.
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