Ashford Hospitality Trust Announces Pricing of Common Stock Offering
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Ashford Hospitality Trust Announces Pricing of Common Stock Offering
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Category: Worldwide - Industry economy -
Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2010-12-15
Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced that it priced its underwritten public offering of 7.5 million shares of its common stock at a price to the public of $9.65 per share. Ashford granted the underwriter a 30-day option to purchase up to an additional 1.125 million shares to cover over-allotments, if any. Settlement of the offering is expected to occur on December 17, 2010.
Ashford intends to use the net proceeds to repay a portion of its outstanding borrowings under its senior credit facility, although it may also use a portion of the net proceeds for general corporate purposes, including, without limitation, financing future hotel-related investments, capital expenditures and working capital or repayment of other debt or maturing obligations as they become due.
Deutsche Bank Securities Inc. is acting as the sole book-running manager for the offering.
A registration statement relating to the shares is effective with the Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy the offered shares or any other securities, nor will there be any sale of such shares or any other securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction.
Copies of the final prospectus supplement (when available) and the related base prospectus may be obtained from (a) Deutsche Bank Securities Inc. at 100 Plaza One, Jersey City, NJ 07311, Attention: Prospectus Department or by calling (800) 503-4611 or by e-mail to prospectus.cpdg@db.com or (b) the Internet site of the Securities and Exchange Commission at www.sec.gov.
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