American Residential Properties, Inc. Announces Pricing of Initial Public Offering
SCOTTSDALE, Ariz., May 8, 2013 /PRNewswire/ -- American Residential Properties, Inc. (the "Company") today announced the pricing of its initial public offering of 13,700,500 shares of its common stock, $0.01 par value per share ("Common Stock"), at a price to the public of $21.00 per share. The shares are expected to begin trading on the New York Stock Exchange on May 9, 2013, under the symbol "ARPI." The Company is offering 13,700,000 shares of Common Stock and a selling stockholder is offering 500 shares of Common Stock. The offering is expected to close on May 14, 2013, subject to customary closing conditions.
The underwriters have a 30-day option to purchase up to an additional 2,055,000 shares of Common Stock to cover over-allotments, if any. These additional shares are being offered by the Company.
Total net proceeds to the Company from the offering, after deducting the underwriting discounts and commissions, structuring fee and other estimated offering expenses payable by the Company, will be approximately $264.6 million ($304.7 million if the underwriters exercise their over-allotment option in full).
The Company will contribute the net proceeds of the offering to its operating partnership, which will use the net proceeds to acquire, restore, lease and manage single-family homes as rental properties, to provide short-term private mortgage financing secured by interests in single-family homes, to repay amounts outstanding under its senior secured revolving credit facility and for general business purposes. The Company will not receive any proceeds from the sale of shares by the selling stockholder.
A registration statement relating to the offering of the Common Stock discussed above was declared effective by the Securities and Exchange Commission on May 8, 2013. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Morgan Stanley, BofA Merrill Lynch, FBR and Jefferies are acting as joint book-running managers for the offering. Raymond James and Zelman Partners LLC are acting as co-managers for the offering. A copy of the prospectus can be obtained by contacting: Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus Department, telephone: 1-866-718-1649 or e-mail: firstname.lastname@example.org; BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attention: Prospectus Department, e-mail: email@example.com; FBR Capital Markets & Co., 1001 Nineteenth Street North, Suite 1100, Arlington, VA 22209, telephone: 1-800-846-5050 or e-mail: Prospectuses@FBR.com; or Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 12th Floor, New York, NY 10022, telephone: 1-877-547-6340 or e-mail: Prospectus_Department@Jefferies.com.
About American Residential Properties, Inc.
American Residential Properties, Inc. is an internally managed real estate company, organized as a real estate investment trust for U.S. federal income tax purposes, that acquires, owns and manages single-family homes as rental properties.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are based upon the Company's present expectations, but these statements are not guaranteed to occur. For example, the fact that the offering described above has priced may imply that the offering will close, but the closing is subject to conditions customary in transactions of this type and may be delayed or may not occur at all. In addition, the fact that the underwriters have an over-allotment option may imply that this option will be exercised. However, the underwriters are not under any obligation to exercise this option, or any portion of it, and they may not do so. Investors should not place undue reliance upon forward-looking statements.
SOURCE American Residential Properties, Inc.