Associated Estates Realty Corp. (AEC) announced the pricing of a public offering of 4.5 million of common shares at a price of $11.10 per share, for net proceeds of approximately $47.5 million after the underwriting discount and estimated offering expenses.
Net proceeds will be approximately $54.7 million, if the underwriters' over-allotment option is exercised in full.
Associated Estates has granted the underwriters a 30-day option to purchase up to an additional 675 thousand of common shares to cover over-allotments, if any. The offering is expected to close on January 15.
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