FelCor Announces Sale of Series C Preferred Stock and Partial Redemption of Its Series B Preferred Stock
08 Março 2005 - 8:30PM
PR Newswire (US)
FelCor Announces Sale of Series C Preferred Stock and Partial
Redemption of Its Series B Preferred Stock IRVING, Texas, March 8
/PRNewswire-FirstCall/ -- FelCor Lodging Trust Incorporated
(NYSE:FCH), the nation's second largest public hotel real estate
investment trust (REIT), today announced that it has entered into
an underwriting agreement to sell 5.4 million depositary shares,
each representing 1/100 of a share of its 8% Series C Cumulative
Redeemable Preferred Stock, at a price to public of $25.00 per
depositary share. The public offering of these shares was made
pursuant to an effective shelf registration statement previously
filed with the Securities and Exchange Commission. The gross
proceeds of the offering of $135 million will be used to redeem
54,000 shares of FelCor's currently outstanding 9% Series B
Cumulative Redeemable Preferred Stock and the corresponding
5,400,000 depositary shares (CUSIP No. 31430F 40 8) representing
the Series B preferred stock being redeemed. The underwriting
discounts and commissions of approximately $4.3 million, and the
other offering expenses estimated at $150,000, as well as the
accrued but unpaid dividends on the shares redeemed, will be paid
from FelCor's available cash, rather than from the proceeds of the
offering. Morgan Stanley & Co. Incorporated is the lead manager
and bookrunner for the offering with A.G. Edwards & Sons, Inc.
and Deutsche Bank Securities Inc. as co-managers. 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 an offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of such state. Offers of the securities may be
made only by means of a prospectus supplement and an accompanying
prospectus, copies of which may be obtained from the offices of
Morgan Stanley & Co. Incorporated, 1585 Broadway, New York, NY
10036, Attn: Prospectus Department, Phone: 212-761-8570. This press
release contains information about a pending transaction, and there
can be no assurance that this transaction will be completed. FelCor
is the nation's second largest public hotel REIT and the nation's
largest owner of full service, all-suite hotels. FelCor's portfolio
is comprised of 143 hotels, located in 31 states and Canada. FelCor
owns 69 full service, all-suite hotels, and is the largest owner of
Embassy Suites Hotels(R) and Doubletree Guest Suites(R) hotels.
FelCor's portfolio also includes 65 hotels in the upscale and full
service segments. FelCor has a current market capitalization of
approximately $3.0 billion. Additional information can be found on
the Company's Web site at http://www.felcor.com/ . With the
exception of historical information, the matters discussed in this
news release include "forward looking statements" within the
meaning of the federal securities laws. Forward looking statements
are not guarantees of future performance. Numerous risks and
uncertainties, and the occurrence of future events, may cause
actual results to differ materially from those currently
anticipated. General economic conditions, including the anticipated
continuation of the current economic recovery, the impact of U.S.
military involvement in the Middle East and elsewhere, future acts
of terrorism, the impact on the travel industry of increased
security precautions, the availability of capital, the ability to
effect sales of non-strategic hotels at anticipated prices, and
numerous other factors may affect future results, performance and
achievements. Certain of these risks and uncertainties are
described in greater detail in our filings with the Securities and
Exchange Commission. Although we believe our current expectations
to be based upon reasonable assumptions, we can give no assurance
that our expectations will be attained or that actual results will
not differ materially. DATASOURCE: FelCor Lodging Trust
Incorporated CONTACT: Stephen A. Schafer, Vice President of
Investor Relations, +1-972-444-4912, or , or Monica L. Hildebrand,
Vice President of Communications, +1-972-444-4917, or , both of
FelCor Lodging Trust Incorporated Web site: http://www.felcor.com/
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