Bay Apartment Communities Completes Offering of 2,300,000 Shares of Common Stock.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--Sept. 11, 1997--Bay Apartment Communities (NYSE/PCX:BYA) announced today that it has agreed to sell 2,300,000 shares of common stock in an underwritten public offering at a price per share of $38.6875. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to Bay, after all anticipated issuance costs, will total approximately $84.3 million. Bay intends to use the net proceeds to reduce borrowings under its unsecured line of credit, which were used to fund the acquisition and development of additional apartment communities, including approximately $93 million borrowed in connection with the acquisition of the Cedar Ridge (formerly Regency), the Park and Lakeside communities and one land site in Mountain View, Calif. The offering was managed by Paine Webber Paine Webber and Company was an American stock brokerage firm that was acquired by the Swiss bank UBS AG in 2000. The company was founded in 1880 in Boston, Massachusetts, by William Alfred Paine and Wallace G. Webber. Inc. and A.G. Edwards & Sons Inc. Offering prospectuses may be obtained from Paine Webber Inc., 1285 Avenue of the Americas, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , N.Y. 10019. 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 in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state. Bay Apartment Communities is a fully integrated, multifamily real estate investment trust focused on the acquisition, development, construction, reconstruction and management of high quality apartment home communities. The company currently owns and manages 44 communities containing 11,840 apartment homes. The company's portfolio consists of 34 apartment home communities in the San Francisco Bay Area “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay and Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern and ten communities in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . The company also owns five land sites in the San Francisco Bay Area on which it is building, or plans to commence building in the future, five communities which will contain an aggregate of approximately 1,793 apartment homes. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. The forward-looking statements contained in this release are statements that involve risks and uncertainties, including, but not limited to, market demand, the effect of economic conditions, the impact of competition and competitive pricing, changes in construction scope or costs, the result of financing efforts, actual purchases under agreement, the effect of the company's accounting policies and other risks detailed in the company's Securities and Exchange Commission filings. CONTACT: Bay Apartment Communities Gilbert M. Meyer, 408/983-1500 Jeffrey B. Van Horn, 408/983-1500 Max L. Gardner, 408/983-1500 |
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