New Issue: Aimco prices $175 million preferred to pay 7¾%

By Paul A. Harris

St. Louis, March 17 - Apartment Investment & Management Co. priced a $175 million offering of cumulative perpetual preferred stock Class U (Ba3/B+) on Wednesday, according to a syndicate source.

The company priced 7 million shares for $25.00 per share at par. The dividend is 7¾%.

Morgan Stanley ran the books. The co-managers were Bear Stearns & Co., RBC, Raymond James and UBS Investment Bank.

Issuer:	Apartment Investment & Management Co. (Aimco)
Amount:	$175 million
Security description:	Cumulative preferred stock Class U
Bookrunner:	Morgan Stanley
Co-managers:	Bear Stearns & Co., RBC, Raymond James, UBS Investment Bank
Shares issued:	7 million
Price:	$25.00 at par
Call:	Callable at par on March 24, 2009
Pricing date:	March 17
Settlement date:	March 24
Ratings:	Moody's: Ba3
	Standard & Poor's: B+
Listing:	New York Stock Exchange

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