Apartment Investment and Management
Company Announces Pricing of Preferred Stock
September 01, 2010 09:42 AM Eastern Daylight Time
DENVER--(EON: Enhanced Online News)--Apartment Investment and Management Company (NYSE: AIV)
(“Aimco”) announced today that it has priced an underwritten public offering of 4,000,000 shares of its 7.75% Class
U Cumulative Preferred Stock. The shares were priced at $24.8590 per share, including accrued dividends,
equating to a yield of 7.7940%, for gross proceeds to Aimco of approximately $99.4 million. The net proceeds of
the offering are expected to be approximately $96.1 million, and will be used by Aimco, together with cash on hand,
to redeem up to $101 million of Aimco’s Class G Cumulative Preferred Stock.
Aimco expects to close the sale of the Class U Cumulative Preferred Stock, subject to customary conditions, on or
about September 7, 2010.
Morgan Stanley & Co. Incorporated and Wells Fargo Securities, LLC are acting as joint book-running managers,
and Raymond James & Associates, Inc. is acting as lead manager, for the offering.
Upon completion of this offering, Aimco will have 12,000,000 shares of Class U Cumulative Preferred Stock
outstanding. The shares of Class U Cumulative Preferred Stock have a liquidation preference of $25 per share, have
no stated maturity and are not subject to any sinking fund and are redeemable at par plus accumulated, accrued and
unpaid dividends at Aimco’s option at any time or from time to time.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer
or sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. The
offering will be made only by means of a prospectus and related prospectus supplement, copies of which may be
obtained from Morgan Stanley & Co. Incorporated, 180 Varick Street, 2nd Floor, New York, New York 10014,
Attn: Prospectus Department, via email: Prospectus@morganstanl