Aviv REIT has commenced an initial public offering of 13,200,000 shares of its common stock.
The estimated price range of the common stock is between USD18.00 and USD20.00 per share.
The underwriters have the option to purchase up to an additional 1,980,000 shares of common stock to cover overallotments, if any. The company's common stock has been approved for listing on the New York Stock Exchange under the symbol AVIV.
The company intends to use the net proceeds from the offering to repay certain indebtedness and for general corporate purposes, including the potential acquisition of additional properties in the ordinary course of business.
Morgan Stanley, BofA Merrill Lynch and Goldman Sachs are acting as joint book-running managers of the offering, and Citigroup, RBC Capital Markets, SunTrust Robinson Humphrey, RBS and CSCA will act as co-managers.