Irvine Apartment Communities Plans IPO
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NEWPORT BEACH — Irvine Apartment Communities LP said Thursday it is planning its first bond offering, a $100-million issue that will be used to pay down outstanding debt.
J.P. Morgan & Co., Goldman Sachs & Co. and Merrill Lynch & Co. are managing the sale, which is expected to close Wednesday. IAC, a real estate investment trust that owns and operates 55 apartment communities in California, expects that net proceeds will come to about $98 million.
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