ATLANTA, Nov. 11, 2013 /PRNewswire/ -- Preferred Apartment Communities, Inc. (NYSE MKT: APTS), or PAC, announced today that it intends to offer for sale 3,225,805 shares of its common stock in an underwritten public offering. In connection with this offering, PAC intends to grant the underwriters a 30-day option to purchase an additional 483,871 shares of its common stock. All shares in the offering are being offered by PAC. The offering is subject to market conditions and there can be no assurance as to whether or when the offering may be completed or as to the actual size or terms of the offering. PAC intends to use the net proceeds from this offering, including net proceeds from any exercise by the underwriters of their option to purchase additional shares of PAC's common stock, to repay outstanding indebtedness under PAC's existing senior secured revolving credit facility, and any remainder for other general corporate purposes, including making investments in accordance with PAC's investment objectives.
Wunderlich Securities, Inc. is acting as the sole book-running manager for the offering, Oppenheimer & Co. Inc. and Compass Point Research & Trading, LLC are serving as co-lead managers for the offering and National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc. (OTCBB: NHLD), is acting as co-manager for the offering.
The securities described above are being offered by PAC pursuant to a shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission (the "SEC"), which became effective on July 19, 2013. A preliminary prospectus supplement related to the offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to these securities may be obtained from Wunderlich Securities, Inc., 6000 Poplar Avenue, Suite 150, Memphis, Tennessee 38119. Electronic copies of the prospectus supplements may be obtained by visiting EDGAR on the SEC's website at http://www.sec.gov/.This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.