FelCor Closes Sale of Convertible Preferred Stock
23 Agosto 2004 - 8:30PM
PR Newswire (US)
FelCor Closes Sale of Convertible Preferred Stock IRVING, Texas,
Aug. 23 /PRNewswire-FirstCall/ -- FelCor Lodging Trust Incorporated
(NYSE:FCH), the nation's second largest hotel real estate
investment trust (REIT), today announced that it has completed the
sale of 2,300,000 shares of its $1.95 Series A Cumulative
Convertible Preferred Stock. The number of shares sold reflects the
exercise by the underwriters of the entire over-allotment option
granted to them in the underwriting agreement. The shares were sold
at a price of $23.22 per share, which included accrued dividends of
$0.28 per share through August 22, 2004, resulting in proceeds to
FelCor of approximately $52 million. The proceeds, together with
excess cash, will be used to redeem $60 million aggregate principal
amount of its 9.5% Senior Notes due 2008, which currently bear
interest at an annual rate of 10%. The notice of redemption was
delivered to the trustee for the notes today, providing for a
redemption date of September 22, 2004. The new shares, together
with FelCor's previously outstanding $1.95 Series A Cumulative
Convertible Preferred Stock, are listed on the New York Stock
Exchange under the symbol "FCHPRA". This offering was made through
Citigroup Global Markets Inc. and Bear, Stearns & Co. Inc.,
acting as joint lead managers and joint bookrunners. "We are very
pleased with the market's interest in this offering of preferred
stock at an effective yield of 8.5%, which enabled the underwriters
to exercise their over-allotment option in full. This offering and
the anticipated redemption of $60 million aggregate principal
amount of our 2008 Senior Notes with the proceeds and excess cash,
will provide added strength to our balance sheet and improve our
coverage ratios," said Andrew J. Welch, FelCor's Senior Vice
President and Treasurer. FelCor is the nation's second largest
lodging REIT and the largest owner of full service, all-suite
hotels. FelCor's consolidated portfolio is comprised of 150 hotels,
located in 33 states and Canada. FelCor owns 70 upscale, all-suite
hotels, and is the owner of the largest number of Embassy Suites
Hotels(R) and Doubletree Guest Suites(R) hotels in the U.S.
FelCor's portfolio also includes 70 hotels in the upscale and full
service segments. FelCor has a current market capitalization of
approximately $3.0 billion. Additional information can be found on
FelCor's Web site at http://www.felcor.com/ . 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 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. DATASOURCE: FelCor Lodging
Trust Incorporated CONTACT: Andrew J. Welch, Senior Vice President
and Treasurer, +1-972-444-4982, or , or Stephen Schafer, Vice
President, Investor Relations, +1-972-444-4912, or , or Monica L.
Hildebrand, Vice President of Communications, +1-972-444-4917, or ,
all of FelCor Lodging Trust Incorporated Web site:
http://www.felcor.com/
Copyright
Felcor Lodging (NYSE:FCH)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Felcor Lodging (NYSE:FCH)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024
Notícias em tempo-real sobre Felcor Lodging Trust Incorporated (delisted) da New York Stock Exchange bolsa de valores: 0 artigos recentes
Mais Notícias de Felcor Lodging Tr