Apartment Investment and Management Co. (AIV: Quote) said Thursday that it has priced its public offering of about 11.04 million shares of its common stock, consisting of 9 million shares to be sold by the company and about 2.04 million shares to be sold by selling shareholders.
The company has granted the underwriters a 30-day option to purchase an additional 1.35 million shares of its common stock.
The offering is expected to close on June 26.
Aimco said it plans to use the net proceeds from its offering of common stock, along with available cash, to redeem all outstanding shares of its Class U Cumulative Preferred Stock.
Citigroup and Morgan Stanley acted as joint book-running managers for the offering.
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by RTT Staff Writer
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