AUSTIN, Texas--(BUSINESS WIRE)--American Campus Communities, Inc. (NYSE:ACC), the largest owner, manager and developer of high-quality student housing properties in the U.S., today announced the pricing of a public offering of 15,600,000 shares of its common stock at a price of $41.25 per share. The company also granted the underwriters a 30-day option to purchase up to an additional 2,340,000 shares of common stock. Subject to customary closing conditions, the offering is expected to close on or about February 5, 2016.
The estimated net proceeds to the company from the offering, before giving effect to any exercise of the underwriters’ option, are expected to be approximately $615.6 million after deducting the underwriting discount and estimated offering expenses payable by the company. The company intends to use the net proceeds from the offering to repay its current debt, including 100% of the outstanding balance of its revolving credit facility, to fund its current development pipeline and potential acquisitions of student housing properties and for general corporate purposes.
BofA Merrill Lynch, KeyBanc Capital Markets, J.P. Morgan, Deutsche Bank Securities and Wells Fargo Securities are serving as joint book-running managers for the offering.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or other jurisdiction. American Campus Communities, Inc. has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) for the offering to which this press release relates. Before you invest, you should read the prospectus in that registration statement and other documents that American Campus Communities, Inc. has filed with the SEC, including the prospectus supplement, for more complete information about American Campus Communities, Inc. and this offering. You may get these documents for free by visiting the SEC Web site at www.sec.gov. Alternatively, American Campus Communities, Inc. or any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the accompanying prospectus supplement if you request it by contacting BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attention: Prospectus Department or email firstname.lastname@example.org; KeyBanc Capital Markets, Attention: Prospectus Delivery Department, 127 Public Square, 4th Floor, Cleveland, OH 44114, or by calling (800) 859-1783; J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: (866) 803-9204; Deutsche Bank Securities, Attention: Prospectus Department, 60 Wall Street, New York, NY 10005, via telephone at 800-503-4611 or via e-mail: email@example.com; or Wells Fargo Securities, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York, 10152, at (800) 326-5897 or email a request firstname.lastname@example.org.
About American Campus Communities
American Campus Communities, Inc. is the largest owner, manager and developer of high-quality student housing communities in the United States. The company is a fully integrated, self-managed and self-administered equity real estate investment trust (REIT) with expertise in the design, finance, development, construction management and operational management of student housing properties. As of September 30, 2015, American Campus Communities owned 158 student housing properties containing approximately 96,300 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consisted of 197 properties with approximately 125,800 beds.
In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which American Campus Communities operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict.