By Cristal Cody
Tupelo, Miss., Sept. 15 - Ashford Hospitality Trust Inc. sold $76.49 million of its 8.45% series D cumulative preferred securities, according to a final term sheet filed on Wednesday with the Securities and Exchange Commission.
The trust priced 3.3 million preferreds at a public offering price of $23.178 each.
The preferreds have a perpetual maturity and a liquidation preference of $25.00 each.
The preferreds may be redeemed on or after July 18, 2012.
The offering is a reopening of the trust's original sale of the preferreds on July 11, 2007. The series now has 8,967,000 preferreds outstanding.
UBS Investment Bank and Citigroup Global Markets Inc. were the joint bookrunners. The co-managers were Barclays Capital Inc., Deutsche Bank Securities Inc. and FBR Capital Markets International Ltd.
Proceeds will be used to repay a portion of outstanding debt under the trust's existing senior credit facility or to redeem a portion of its outstanding series B-1 preferreds.
The series D preferreds closed down 48 cents, or 2.05%, at $22.99 (NYSE: AHT-PD) on Wednesday.
The Dallas-based real estate investment trust invests in the hospitality industry with ownership in 96 hotel properties under the brands of Hilton, Hyatt, Marriott, Sheraton and Westin.
| Issuer: | Ashford Hospitality Trust Inc.
|
| Issue: | Series D cumulative preferred shares (add-on)
|
| Amount: | $76,487,400
|
| Shares: | 3.3 million
|
| Shares outstanding: | 8,976,000
|
| Maturity: | Perpetual
|
| Managers: | UBS Investment Bank and Citigroup Global Markets Inc. (joint leads); Barclays Capital Inc., Deutsche Bank Securities Inc. and FBR Capital Markets International Ltd. (co-managers)
|
| Dividends: | 8.45%
|
| Price: | $23.178
|
| Call option: | On or after July 18, 2012
|
| Trade date: | Sept. 15
|
| Settlement date: | Sept. 22
|
| Listing: | NYSE: AHT-PD
|
© 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.
