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Article: American Equity sets $67.8 million stock issue. (American Equity Trust Inc.)
- Article from:
- Los Angeles Business Journal
- Article date:
- December 4, 1995
- Author:
CopyrightCOPYRIGHT 1995 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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El Segundo-based American Equity Trust Inc., a new company, plans to issue up to $67.8 million in stock, warrants and convertible preferred stock to finance a real estate investment trust, according to papers filed with the Securities and Exchange Commission.
Initially, American Equity plans to raise up to $40 million in stock from "retail" investors, and $15 million in convertible preferred stock from institutions, to buy a total of seven commercial and multi-unit residential properties, in the Phoenix and Southern California markets. The convertible preferred is to be privately placed.
If all warrants are converted into stock, the total issue could reach ...