AIMCO Sells $86M of Stock

Apartment Investment and Management Co., Denver, has announced the sale of 3.45 million shares of 7.875% class Y cumulative preferred stock at $25 per share, for gross proceeds of $86.25 million.The shares may be redeemed by AIMCO for either stock or cash after five years. AIMCO said the proceeds will be used to redeem, on Jan 21, the remaining 1.25 million shares outstanding of its 8.75% class D cumulative preferred stock; to redeem its remaining 6.50% trust-based convertible preferred securities; and to repay certain short-term debt. The real estate investment trust can be found online at http://www.aimco.com.