Aimco to redeem $125 million class K convertible preferreds

New York, March 19 -Apartment Investment and Management Co. said it is redeeming for its class A common stock all outstanding shares of its class K convertible cumulative preferred stock on

April 18 at a redemption price of $27.2125 per preferred share.

The redemption price is payable in Aimco common stock at $45.7835 per share, resulting in the issue of 0.5944 shares of common stock for each share of class K preferred stock, the Denver, Colo. real estate investment trust said.

Aimco added that the call of the class K preferreds will bring its redemptions of preferred stock year to date to $160 million. In January, it redeemed $35 million of class B preferred partnership units.

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