Monday, Associated Estates Realty Corp. (AEC) said it plans to sell 4.5 million of its common shares in an underwritten public offering. Associated Estates also plans to grant the underwriters a 30-day option to purchase up to an additional 675 thousand of its common shares to cover over-allotments, if any.
The company intends to use the net proceeds received from the offering to repay borrowings under its unsecured revolving credit facility, to repay other indebtedness and for general corporate purposes. Citi and Raymond James will be joint book-running managers for the offering.
Associated Estates Realty Corp. operates as a self-administered and self-managed equity real estate investment trust in the United States. It engages in property acquisition, advisory, development, management, disposition, operation, and ownership of multifamily residential units.
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