FelCor Announces Public Offering of Common Stock
06 Abril 2015 - 5:24PM
Business Wire
FelCor Lodging Trust Incorporated (“FelCor”) (NYSE: FCH) today
announced that it is commencing a public offering of 14.500 million
shares of its common stock (the “Offering”). FelCor expects to
grant the underwriters a 30-day option to purchase up to 2.175
million additional shares of common stock.
J.P. Morgan and BofA Merrill Lynch will act as joint
book-running managers for the Offering.
FelCor will use the net proceeds from this Offering to redeem
its 8% Series C Cumulative Redeemable Preferred Stock and
corresponding depositary shares. This redemption is part of
FelCor’s long-term strategy to strengthen its balance sheet and
reduce leverage, improve its portfolio quality and enhance returns
on investment. FelCor intends to use any remaining net proceeds
from the Offering, along with cash on hand and proceeds from future
asset sales, if and when available, to facilitate this strategy,
which includes investing in future redevelopment projects and other
growth opportunities. Pending application of the net proceeds from
this Offering, FelCor may invest such net proceeds in short-term,
interest bearing investments.
A shelf registration statement relating to the securities being
offered has been filed with the Securities and Exchange Commission
(the “SEC”) and has become effective. 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. This press release
is being issued pursuant to and in accordance with Rule 134 under
the Securities Act.
The Offering is being made only by means of a prospectus and the
related prospectus supplement. Copies of the preliminary prospectus
supplement and the accompanying prospectus relating to these
securities may be obtained from J.P. Morgan Securities LLC,
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717 or (866) 803-9204, or from BofA Merrill Lynch, 222
Broadway, New York, NY 10038, Attn: Prospectus Department or by
email to: dg.prospectus_requests@baml.com, or by visiting the EDGAR
database on the SEC's web site at www.sec.gov.
About FelCor
FelCor, a real estate investment trust, owns a diversified
portfolio of primarily upper-upscale and luxury hotels that are
located in major and resort markets throughout the U.S. FelCor
partners with leading hotel companies to operate its hotels, which
are flagged under globally renowned names and premier independent
hotels.
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 SEC. 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.
FelCor Lodging Trust IncorporatedStephen A. Schafer,
972-444-4912Senior Vice Presidentsschafer@felcor.com
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