Town & Country plans $75 million convertible offering

By Ronda Fears

Nashville, July 28 - The Town & Country Trust said Monday it plans to sell $75 million of convertible senior notes in the Rule 144A market.

There is a $11.25 million greenshoe available

The company said $15 million of proceeds will be used to repurchase shares simultaneously with the offering. Remaining proceeds will be used for capital improvements on existing properties, funding future acquisitions and general corporate purposes.

Baltimore-based Town & Country is a multifamily REIT that owns and operates 15,642 apartment homes in 44 communities in the Mid-Atlantic and Southeast U.S.

Town & Country shares closed Monday up 17c, or 0.71%, to $24.10.

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