Apartment Investment and Management Co. (AIV) said Tuesday it has completed its public offering of about 11.0 million shares of its common stock. This includes 9.0 million shares sold by the company and over 2.0 shares sold by selling stockholders. The company said the shares were sold to the underwriters at a price of $26.74 per share.
The company said it plans to use the net proceeds from this offering, 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. Aimco said it has granted the underwriters a 30-day option to purchase an additional 1.35 million shares of its common stock.
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