By Paul A. Harris
St. Louis, Aug. 11 - FelCor Lodging Trust Inc. priced a $34.4 million add-on to its 8% series C redeemable perpetual cumulative preferred stock (B3/CCC+) at $24.615 per depositary share plus accrued dividends on Thursday, according to a news release issued by the company.
Citigroup was the bookrunner.
The shares will become callable on and after April 7, 2010 at par plus accrued distributions.
Proceeds will be used to redeem the company's series B preferred stock.
The shares will trade on the New York Stock Exchange. The stock ticker is FCHPRC.
The original $135 million priced on April 7, 2005 at $25 par.
FelCor is an Irving, Texas-based lodging real estate investment trust.
| Issuer: | FelCor Lodging Trust Inc.
|
| Amount: | $34.4 million (approximate)
|
| Maturity: | Perpetual
|
| Security description: | Series C redeemable perpetual cumulative preferred stock
|
| Bookrunner: | Citigroup
|
| Dividend: | 8%
|
| Price: | $24.615 per depositary share, plus accrued dividends
|
| Call: | Callable on and after April 7, 2010 at par plus accrued distributions
|
| Trade date: | Aug. 11
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: CCC+
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
