FelCor Announces Preferred Stock Offering
August 18 2004 - 8:19AM
PR Newswire (US)
FelCor Announces Preferred Stock Offering IRVING, Texas, Aug. 18
/PRNewswire-FirstCall/ -- FelCor Lodging Trust Incorporated
(NYSE:FCH), the nation's second largest hotel real estate
investment trust (REIT), today announced that it was commencing an
offering, subject to market and other conditions, of approximately
2,000,000 additional shares of its $1.95 Series A Cumulative
Convertible Preferred Stock (NYSE:FCHPRA). The offering is being
made pursuant to an effective shelf registration statement
previously filed with the Securities and Exchange Commission. In
connection with the offering, FelCor will grant the underwriters an
over-allotment option to purchase up to an additional 300,000
shares of Series A preferred stock. The net proceeds of the
offering, estimated to be approximately $46 million before any
exercise of the underwriters' over-allotment option, will be used
along with excess cash to retire at least $50 million of FelCor's
9.5% Senior Notes due 2008 that currently bear interest at 10%.
Citigroup and Bear, Stearns & Co. Inc. will be joint lead
managers and joint bookrunners for the offering. This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of these securities in any
state in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of
any state. Offers of the securities will be made only by means of a
prospectus supplement and an accompanying prospectus, copies of
which may be obtained from the offices of Citigroup Global Markets
Inc., Brooklyn Army Terminal, 140 58th Street, 8th floor, Brooklyn,
NY 11220. This press release contains information about pending
transactions, and there can be no assurance that these transactions
will be completed. FelCor is the nation's second largest lodging
REIT and the largest owner of full service, all-suite hotels.
FelCor's consolidated portfolio is comprised of 150 hotels, located
in 33 states and Canada. FelCor owns 70 upscale, all-suite hotels,
and is the owner of the largest number of Embassy Suites Hotels(R)
and Doubletree Guest Suites(R) hotels in the U.S. FelCor's
portfolio also includes 70 hotels in the upscale and full service
segments. FelCor has a current market capitalization of
approximately $3.0 billion. Additional information can be found on
FelCor's Web site at http://www.felcor.com/ . 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 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. DATASOURCE: FelCor Lodging
Trust Incorporated CONTACT: Andrew J. Welch, Senior Vice President
and Treasurer, +1-972-444-4982, or , or Stephen Schafer, Vice
President, Investor Relations, +1-972-444-4912, or , or Monica L.
Hildebrand, Vice President of Communications, +1-972-444-4917, or ,
all of FelCor Lodging Trust Incorporated Web site:
http://www.felcor.com/
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