IRVING, Texas, Mar 29, 2011 (BUSINESS WIRE) --
FelCor Lodging Trust Incorporated (NYSE: FCH) today announced that it
priced its public offering of 24 million shares of its common stock (the
"Offering") at $6.00 per share. FelCor granted the underwriters a 30-day
option to purchase up to 3.6 million additional shares of common stock.
BofA Merrill Lynch, J.P. Morgan, Citi, Deutsche Bank Securities, and
Goldman, Sachs & Co., acted as joint book-running managers for the
offering. Credit Suisse and Scotia Capital acted as co-managers.
FelCor estimates that the net proceeds from the Offering, after
underwriting discounts and commissions, will be approximately $138.2
million (approximately $159.0 million if the underwriters' option to
purchase additional shares is exercised in full). FelCor intends to use
the net proceeds from the Offering for a pending acquisition. Pending
application of the net proceeds, FelCor may use the net proceeds for
general corporate purposes and may also invest such net proceeds in
short-term, interest-bearing investments or to repay borrowings under
its line of credit.
The offering is being made pursuant to FelCor's effective shelf
registration statement previously filed with the Securities and Exchange
Commission, and the Offering is expected to close on April 1, 2011,
subject to customary closing conditions. Copies of the preliminary
prospectus supplement and the accompanying prospectus relating to these
securities may be obtained from: BofA Merrill Lynch, Attn: Prospectus
Department, 4 World Financial Center, New York, NY 10080 or e-mail at email@example.com;
from J.P. Morgan Securities LLC, Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY 11717 or (866) 803-9204; or by visiting
the EDGAR database on the SEC's web site at www.sec.gov.
This press release shall not constitute an offer to sell or a
solicitation of an offer to purchase these securities, and shall not
constitute an offer, solicitation or sale in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful.
With the exception of historical information, the matters discussed
in this news release include "forward-looking statements" within the
meaning of the federal securities laws. Forward-looking statements are
not guarantees of future performance. Numerous risks and uncertainties,
and the occurrence of future events, may cause actual results to differ
materially from those currently anticipated. Certain of these risks and
uncertainties are described in greater detail in our filings with the
Securities and Exchange Commission. Although we believe our current
expectations to be based upon reasonable assumptions, we can give no
assurance that our expectations will be attained or that actual results
will not differ materially. We undertake no obligation to update any
forward-looking statement to conform the statement to actual results or
changes in our expectations.
SOURCE: FelCor Lodging Trust Incorporated
FelCor Lodging Trust Incorporated
Stephen A. Schafer, 972-444-4912
Vice President Strategic Planning & Investor Relations