Preferred Apartment plans to pay down revolver with proceeds of shares

By Wendy Van Sickle

Columbus, Ohio, May 8 – Preferred Apartment Communities, Inc. plans to repay debt under its senior secured revolving credit facility with proceeds of an offering of 2.75 million shares of its common stock, according to a press release.

Any remaining proceeds will be used for general corporate purposes, including making investments in line with the company’s investment objectives.

Deutsche Bank Securities Inc. is acting as bookrunning manager for the offering, and JonesTrading Institutional Services LLC is acting as joint-lead manager.

The real estate investment trust is based in Atlanta.

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