FelCor Prices Public Offering of Common Stock
08 Abril 2015 - 8:13PM
Business Wire
FelCor Lodging Trust Incorporated (“FelCor”) (NYSE: FCH) today
announced that it priced its public offering of 16.0 million shares
of its common stock (the “Offering”) at $11.25 per share. FelCor
granted the underwriters a 30-day option to purchase up to 2.4
million additional shares of common stock.
J.P. Morgan, BofA Merrill Lynch, and Deutsche Bank Securities
acted as joint book-running managers for the Offering. Credit
Suisse, Fifth Third Securities, Goldman, Sachs & Co., and
Scotiabank acted as senior co-managers, and BBVA, FBR, JMP
Securities and Piper Jaffray acted as co-managers.
FelCor estimates that the net proceeds from the Offering, after
deducting underwriting discounts and commissions and expenses, will
be approximately $172.6 million (approximately $198.5 million if
the underwriters’ option to purchase additional shares is exercised
in full). 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 and the Offering is expected
to close on April 14, 2015, subject to customary closing
conditions. 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.
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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