FelCor to redeem all 9% series B preferreds

By Jennifer Chiou

New York, Aug. 11 - FelCor Lodging Trust Inc. said it will use the proceeds from an offering of new preferred stock to redeem all 13,758 shares of its existing 9% series B cumulative redeemable preferred stock.

On March 8, the company announced the redemption of 54,000 shares of the series B preferreds.

The Irving, Texas, real estate investment trust will sell 1,398,000 depositary shares, each representing 1/100 of a share of its 8% series C cumulative redeemable preferred stock, at $24.615 per depositary share plus accrued dividends. The total size of the offering is $34.4 million.

The new offering is being sold under a shelf registration statement previously filed with the Securities and Exchange Commission.

Citigroup Global Markets Inc. is the lead manager.

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