ATLANTA, Nov. 12, 2013 /PRNewswire/ -- Preferred Apartment Communities, Inc. (NYSE MKT: APTS), or PAC, today announced the pricing of an underwritten public offering of 3,870,968 shares of its common stock, offered at a price of $7.75 per share to the public. Due to significant demand, PAC has agreed to upsize the offering by 20% from 3,225,805 to 3,870,968 shares of its common stock. The net proceeds to PAC from this offering are expected to be approximately $28.0 million, after deducting underwriting discounts and commissions, and other estimated offering expenses payable by PAC. All of the shares in the offering are to be sold by PAC. The offering is expected to close on or about November 15, 2013, subject to the satisfaction of customary closing conditions. PAC has granted the underwriters a 30-day option to purchase up to an aggregate of 580,645 additional shares. 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 previously filed with the Securities and Exchange Commission (the "SEC"), which became effective on July 19, 2013. A 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 prospectus supplement and the accompanying prospectus relating to these securities may be obtained, when available, from Wunderlich Securities, Inc., 6000 Poplar Avenue, Suite 150, Memphis, Tennessee 38119. 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.
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