Associated Estates Realty Corp. (AEC) Friday said it completed the sale of 5.17 million common shares at a price of $11.10 per share, representing 4.50 million of its common shares sold pursuant to its previously announced public offering and an additional 675,000 common shares that the underwriters elected to purchase pursuant to their over-allotment option in connection with the public offering. The net proceeds of the sale were approximately $54.7 million after deducting underwriting discounts, commissions and offering expenses.
Associated Estates plans 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.
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