FelCor Completes Common Stock Offering
04 Abril 2011 - 5:20PM
Business Wire
FelCor Lodging Trust Incorporated (NYSE: FCH) announced that it
sold 27.6 million shares of its common stock pursuant to a
previously announced public offering (the "Offering") at $6.00 per
share. The shares sold include 3.6 million shares purchased by the
underwriters, who exercised their overallotment option in full.
FelCor received net proceeds of approximately $159.0 million from
the Offering, after underwriting discounts and commissions. FelCor
intends to use the net proceeds to fund the $140 million purchase
of two hotels in midtown Manhattan (the Royalton and Morgans), to
repay existing debt, including borrowings under its line of credit,
and for general corporate purposes.
BofA Merrill Lynch, J.P. Morgan, Citi, Deutsche Bank Securities,
and Goldman, Sachs & Co., acted as joint book-running managers
for the Offering. Credit Suisse and Scotia Capital acted as
co-managers. The sale was completed on April 1, 2011.
The Offering was made pursuant to FelCor’s effective shelf
registration statement previously filed with the Securities and
Exchange Commission. Copies of the prospectus supplement and the
accompanying prospectus relating to these securities may be
obtained from: BofA Merrill Lynch, Attn: Prospectus Department, 4
World Financial Center, New York, NY 10080 or e-mail at
dg.prospectus_requests@baml.com; J.P. Morgan Securities LLC,
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717 or (866) 803-9204; 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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