Preferred Stock Offerings
By Ru Back Packer Staff, updated Sunday, January 28, 9:08 AM
Slide #180. FelCor Lodging Trust — Preferred Stock Offering
||FelCor Lodging Trust (NYSE:FCH)
|Date of Pricing:
|Price Per Share:
|Preferred Stock Offering Details:
||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. 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. - updated 4/9 - 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.
FelCor Lodging Trust is a real estate investment trust. Co. is the sole general partner of, and the owner of a greater than 99.5% partnership interest in, FelCor Lodging Limited Partnership, through which Co. held ownership interests in 39 hotels with 11,500 rooms at Dec 31 2016. Co. sells, acquires, rebrands and redevelops hotels. Co. owns a portfolio of hotels managed by Hilton Worldwide, Wyndham Worldwide, Marriott International Inc., InterContinental Hotels Group, Fairmont, Highgate Hotels, SBE, and Aimbridge Hospitality. Of Co.'s 39 hotels at Dec 31 2016, Co. owned 100% interests in 36 hotels, a 95% interest in one hotel and 50% interests in entities that owned two hotels.
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