Amrep files $150 million shelf

By Angela McDaniels

Seattle, April 3 - Amrep Corp. registered to sell up to $150 million of securities in an S-3 filing with the Securities and Exchange Commission on Tuesday.

Covered by the shelf are common stock, debt securities, warrant and units. Debt securities may be structured as convertibles.

Proceeds will be used for general corporate purposes, which may include debt repayment, future acquisitions, capital expenditures and additions to working capital.

The shelf also includes a secondary offering by selling stockholder the Karbots Foundation of up to 450,000 shares of common stock at a maximum offering price of $78.23 each for a maximum total of $35,203,500.

Princeton, N.J.-based Amrep engages in real estate development, fulfillment services and newsstand distribution services through its subsidiaries.

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