Securities sold along with warrants for $10 million of common shares
By Devika Patel
Knoxville, Tenn., March 4 - Landmark Apartment Trust of America, Inc. settled a $10 million private placement of preferred stock on Feb. 27, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 1 million 9.75% series A non-convertible preferreds at $10.00 per preferred to 2335887 LP.
2335887 also received warrants for $10 million of shares. The warrants are exercisable until Feb. 27, 2016. The strike price is (a) $9.00 if the warrants are being exercised in connection with a change of control or (b) the greater of $9.00 and 80% of the public offering price of the company's common stock in its first underwritten public offering.
Proceeds will be used for acquisitions of capital assets and leases, debt retirement, payment of transaction costs and general corporate purposes.
Landmark is a Richmond, Va.-based private owner of apartment communities.
| Issuer: | Landmark Apartment Trust of America, Inc.
|
| Issue: | Series A non-convertible preferred stock
|
| Amount: | $10 million
|
| Preferreds: | 1 million
|
| Price: | $10.00
|
| Dividends: | 9.75%
|
| Warrants: | For $10 million of shares
|
| Warrant expiration: | Feb. 27, 2016
|
| Warrant strike price: | (a) $9.00 if warrants are being exercised in connection with change of control or (b) greater of $9.00 and 80% of public offering price of company's common stock in first underwritten public offering
|
| Investor: | 2335887 LP
|
| Settlement date: | Feb. 27
|
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