Preferred Apartment Communities to redeem $208.79 million 6% preferreds

By Cady Vishniac

Detroit, Nov. 19 – Preferred Apartment Communities, Inc. has announced that it plans to redeem for cash $208,786,000, or about 11% of the total outstanding, of its 6% series A redeemable preferred stock at par on Nov. 24, according to a press release.

The redemption price will also include unpaid interest of $4 per $1,000 face amount of the shares.

A separate $5 per share in interest for the month of October will be paid Nov. 20.

Proceeds from the sale of the company’s student housing assets will be used to fund the tender offer.

Preferred Apartment Communities is an Atlanta-based real estate investment trust.

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