By Paul A. Harris
St. Louis, Sept. 24 - Apartment Investment and Management Co. priced a $75 million offering Friday of cumulative redeemable perpetual preferred class V shares (Ba3/B+) to pay an 8% dividend, according to market sources.
The company sold 3 million of the shares, which are non-callable for five years, at $25 par.
Morgan Stanley ran the books. RBC Capital Markets and Raymond James were the co-managers.
Apartment Investment and Management is a self-administered and self-managed real estate investment trust that acquires, owns, manages and redevelops apartment properties.
| Issuer: | Apartment Investment and Management Co.
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| Amount: | $75 million
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| Share number: | 3 million shares
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| Security description: | Cumulative redeemable perpetual preferred class V shares
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| Bookrunner: | Morgan Stanley
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| Co-managers: | RBC Capital Markets, Raymond James
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| Dividend: | 8%
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| Price: | $25 par
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| Call protection: | Callable after Sept. 29, 2009
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| Pricing date: | Sept. 24
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| Settlement date: | Sept. 29
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| Ratings: | Moody's: Ba3
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| Standard & Poor's: B+
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| Payment interval: | Quarterly pay beginning Jan. 15, 2005
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| Expected listing: | New York Stock Exchange
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