By Cristal Cody
Tupelo, Miss., Nov. 2 – Summit Hotel Properties Inc. sold $160 million of 6.25% series E cumulative redeemable preferred stock at par of $25.00 on Thursday, according to an FWP filed with the Securities and Exchange Commission.
The deal included 6.4 million shares.
BofA Merrill Lynch, Robert W. Baird & Co. Inc., Raymond James & Associates and RBC Capital Markets, LLC were the bookrunners.
Dividends will be payable on the last day of February, May, August and November, beginning Nov. 30.
The company plans to list the preferreds on the New York Stock Exchange under the ticker symbol “INNPrE.”
Proceeds will be used for the redemption of the $75 million of outstanding 7.875% series B cumulative redeemable preferred stock.
Summit Hotel is an Austin, Texas-based real estate investment trust.
| Issuer: | Summit Hotel Properties Inc.
|
| Amount: | $160 million, 6.4 million shares
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| Description: | Cumulative redeemable preferred stock
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| Maturity: | Perpetual
|
| Bookrunners: | BofA Merrill Lynch, Robert W. Baird & Co. Inc., Raymond James & Associates and RBC Capital Markets, LLC
|
| Senior co-managers: | Deutsche Bank Securities Inc., Jefferies LLC and KeyBanc Capital Markets Inc.
|
| Co-managers: | BB&T Capital Markets, Capital One Securities, Inc. and U.S. Bancorp Investments, Inc.
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| Dividend: | 6.25%
|
| Price: | Par of $25.00
|
| Liquidation preference: | $25.00
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| Call feature: | On or after Nov. 13, 2022 at $25.00 per share
|
| Trade date: | Nov. 2
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| Settlement date: | Nov. 13
|
| Distribution: | SEC registered
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