Aimco offers additional 7¾% perpetual preferreds

By Paul A. Harris

St. Louis, Aug. 31 - Apartment Investment and Management Co. (Aimco) announced in a Tuesday filing with the Securities and Exchange Commission that it is offering additional shares of its 7¾% class U cumulative preferred stock.

Morgan Stanley, Wells Fargo Securities and Raymond James are the joint bookrunners.

The liquidation price for the shares (NYSE: AIVPrU) is $25.00.

There is a greenshoe, which the underwriters may exercise prior to Sept. 23.

As of Aug. 30, there were 8 million of the class U preferred shares outstanding.

Proceeds from the sale of the new preferreds will be used to redeem up to $101 million of Aimco's class G cumulative preferred stock and for general corporate purposes.

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