American Campus Communities, Inc. Announces Sale of Common Stock
February 01 2016 - 10:44PM
Business Wire
American Campus Communities, Inc. (NYSE:ACC), the largest owner,
manager and developer of high-quality student housing properties in
the U.S., today announced the pricing of a public offering of
15,600,000 shares of its common stock at a price of $41.25 per
share. The company also granted the underwriters a 30-day option to
purchase up to an additional 2,340,000 shares of common stock.
Subject to customary closing conditions, the offering is expected
to close on or about February 5, 2016.
The estimated net proceeds to the company from the offering,
before giving effect to any exercise of the underwriters’ option,
are expected to be approximately $615.6 million after deducting the
underwriting discount and estimated offering expenses payable by
the company. The company intends to use the net proceeds from the
offering to repay its current debt, including 100% of the
outstanding balance of its revolving credit facility, to fund its
current development pipeline and potential acquisitions of student
housing properties and for general corporate purposes.
BofA Merrill Lynch, KeyBanc Capital Markets, J.P. Morgan,
Deutsche Bank Securities and Wells Fargo Securities are serving as
joint book-running managers for the offering.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any state or other
jurisdiction. American Campus Communities, Inc. has filed a
registration statement (including a prospectus) with the Securities
and Exchange Commission (“SEC”) for the offering to which this
press release relates. Before you invest, you should read the
prospectus in that registration statement and other documents that
American Campus Communities, Inc. has filed with the SEC, including
the prospectus supplement, for more complete information about
American Campus Communities, Inc. and this offering. You may get
these documents for free by visiting the SEC Web site at
www.sec.gov. Alternatively, American Campus Communities, Inc. or
any underwriter or any dealer participating in the offering will
arrange to send you the prospectus and the accompanying prospectus
supplement if you request it by contacting BofA Merrill Lynch, 222
Broadway, New York, NY 10038, Attention: Prospectus Department or
email dg.prospectus_requests@baml.com; KeyBanc Capital Markets,
Attention: Prospectus Delivery Department, 127 Public Square, 4th
Floor, Cleveland, OH 44114, or by calling (800) 859-1783; J.P.
Morgan, c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, New York 11717, telephone: (866) 803-9204;
Deutsche Bank Securities, Attention: Prospectus Department, 60 Wall
Street, New York, NY 10005, via telephone at 800-503-4611 or via
e-mail: prospectus.cpdg@db.com; or Wells Fargo Securities,
Attention: Equity Syndicate Department, 375 Park Avenue, New York,
New York, 10152, at (800) 326-5897 or email a request
tocmclientsupport@wellsfargo.com.
About American Campus Communities
American Campus Communities, Inc. is the largest owner, manager
and developer of high-quality student housing communities in the
United States. The company is a fully integrated, self-managed and
self-administered equity real estate investment trust (REIT) with
expertise in the design, finance, development, construction
management and operational management of student housing
properties. As of September 30, 2015, American Campus Communities
owned 158 student housing properties containing approximately
96,300 beds. Including its owned and third-party managed
properties, ACC's total managed portfolio consisted of 197
properties with approximately 125,800 beds.
Forward-Looking Statements
In addition to historical information, this press release
contains forward-looking statements under the federal securities
law. These statements are based on current expectations, estimates
and projections about the industry and markets in which American
Campus Communities operates, management's beliefs, and assumptions
made by management. Forward-looking statements are not guarantees
of future performance and involve certain risks and uncertainties,
which are difficult to predict.
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version on businesswire.com: http://www.businesswire.com/news/home/20160201006489/en/
American Campus Communities, Inc.Ryan Dennison,
512-732-1000Investor Relations
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