FelCor Prices Public Offering of Common Stock
16 Junho 2010 - 8:04PM
Business Wire
FelCor Lodging Trust Incorporated (NYSE: FCH) today announced
that it priced its public offering of 27.5 million shares of its
common stock (the "Offering") at $5.50 per share. FelCor granted
the underwriters a 30-day option to purchase up to 4.125 million
additional shares of common stock. FelCor estimates that the net
proceeds from the Offering, after underwriting discounts and
commissions, will be approximately $145 million (approximately $167
million if the underwriters' option to purchase additional shares
is exercised in full).
J.P. Morgan Securities Inc., Goldman, Sachs & Co., BofA
Merrill Lynch and Deutsche Bank Securities Inc. acted as joint
book-running managers for the offering. Citi and FBR Capital
Markets acted as senior co-managers. JMP Securities and Keefe,
Bruyette & Woods, Inc. acted as co-managers.
FelCor intends to use the net proceeds from the Offering,
together with cash on hand, to repay or repurchase certain of its
mortgage debt at substantial discounts, for acquisition
opportunities that meet all of its strategic and financial
criteria, exceed its cost of capital on a risk-adjusted basis, and
can be acquired at prices significantly below replacement cost.
Pending application of the net proceeds, FelCor may invest such
proceeds in short-term, interest-bearing investments.
The Offering is expected to close on June 22, 2010, subject to
customary closing conditions. FelCor will issue all of the offered
shares of common stock under its currently effective registration
statement on Form S-11 filed with the Securities and Exchange
Commission (the "SEC"). The Offering may be made only by means of a
prospectus, which has been filed or will be filed with the SEC.
When available, the prospectus, meeting the requirements of Section
10 of the Securities Act of 1933, may be obtained from J.P. Morgan
Securities Inc., Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717 or (866) 803-9204, from Goldman, Sachs
& Co., Attn: Prospectus Department, 200 West Street, New York,
NY 10282 or telephone: (866) 471-2526 or e-mail at
prospectus-ny@ny.email.gs.com, from BofA Merrill Lynch, Attn:
Preliminary Prospectus Department, 4 World Financial Center, New
York, NY 10080 or e-mail at Prospectus.Requests@ml.com, or from
Deutsche Bank Securities Inc., Attention: Prospectus Department,
100 Plaza One, Jersey City, NJ 07311 or (800) 503-4611 or e-mail at
prospectus.cpdg@db.com, or by visiting the EDGAR database on the
SEC's web site at www.sec.gov.
This press release shall not constitute an offer to sell or a
solicitation of an offer to purchase these securities, and shall
not constitute an offer, solicitation or sale in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful.
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. 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. We undertake no obligation to update any
forward-looking statement to conform the statement to actual
results or changes in our expectations.
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