Associated Estates Realty Corp. (AEC: Quote) said Thursday that it plans to sell 5.5 million of its common shares in an underwritten public offering.
The company also plans to grant the underwriters a 30-day option to purchase up to an additional 825,000 of its common shares.
The company said it plans to use the net proceeds received from the offering to fund property acquisitions and development and for general corporate purposes. Pending application for the foregoing purposes, the company plans to use the net proceeds to temporarily repay borrowings outstanding under its unsecured revolving credit facility.
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by RTT Staff Writer
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