American Campus Communities (NYSE: ACC) priced its public offering of 8 million shares of common stock at $28.75 per share.
The underwriters, Merrill Lynch, KeyBanc Capital Markets, Deutsche Bank Securities, and JP Morgan, are allotted an additional 1.2 million shares. The $230 million in proceeds for the student housing owner and manager will be used to pay for their purchase of rival GMH Communities Trust for $1.4 billion if the deal goes through. Should the deal fall through, the cash will be used to repay debt obligations, to fund pipeline development, or for potential acquisitions.
Prior to this offering, the market cap was listed as $816 million. Shares are up about 2.5% to $29.83 today. The 52-week range is $23.18 to $31.68
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April 18, 2008