FelCor Announces Closing of Common Stock Offering
22 Junho 2010 - 5:01PM
Business Wire
FelCor Lodging Trust Incorporated (NYSE: FCH) announced today
that it closed the sale of its previously announced public offering
of 27,500,000 shares of its common stock (the "Offering") at $5.50
per share. In addition, the Company announced that the underwriters
have exercised in full their option to purchase an additional
4,125,000 shares of common stock, resulting in the sale of a total
of 31,625,000 shares. The net proceeds from the Offering, after
underwriting discounts and commissions, were approximately $167
million.
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.
A 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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