American Campus in pacts for up to $500M of common stock

theflyonthewall.com

On March 8, American Campus Communities, American Campus Communities Operating Partnership LP, a Maryland limited partnership and American Campus Communities Holding, a Maryland limited liability company, entered into four separate Equity Distribution Agreements with Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and KeyBanc Capital Markets Inc., as sales agents and/or principals pursuant to which the Company created an at-the-market equity program under which it may sell its common stock with an aggregate offering price of up to $500M from time to time through the Agents. Under the Agreements, each of the Agents will be entitled to a commission that will not exceed, but may be lower than, 2% of the gross offering proceeds of any Shares sold through it.

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