Ashford Hospitality Trust Announces Closing of Its Follow-On Offering and the Exercise of the Over-Allotment Option
April 24 2007 - 4:55PM
Business Wire
Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced the
closing of its follow-on offering and the exercise of the
underwriters� over-allotment option to purchase 6,375,000 shares of
common stock from the Company for $11.75 per share. In total, the
Company sold 48,875,000 shares of common stock at $11.75 per share.
The net proceeds from the offering will be used to pay off
approximately $549 million of floating rate debt carrying a blended
interest rate of 6.9%. Wachovia Securities, Merrill Lynch & Co.
and Morgan Stanley & Co. Incorporated acted as the joint
book-running managers of the offering. Banc of America Securities
LLC, Friedman Billings Ramsey, UBS Investment Bank, Robert W. Baird
& Co., Calyon Securities (USA) Inc., JMP Securities, KeyBanc
Capital Markets, RBC Capital Markets, Stifel Nicolaus, Davenport
& Company LLC, and Morgan Keegan & Company, Inc. acted as
co-managers. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy any common stock nor
shall there be any sale of such common stock in any state in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state. A copy of the final prospectus supplement and related
prospectus for the offering may be obtained from Wachovia Capital
Markets, LLC, 375 Park Avenue, 4th Floor, New York, NY 10152,
Attention: Equity Syndicate Department; Merrill Lynch & Co.,
250 Vesey Street, New York, NY 10080; or Morgan Stanley & Co.
Incorporated, 180 Varick Street, New York, NY 10014, Attn:
Prospectus Department. Ashford Hospitality Trust is a
self-administered real estate investment trust focused on investing
in the hospitality industry across all segments and at all levels
of the capital structure, including direct hotel investments, first
mortgages, mezzanine loans and sale-leaseback transactions.
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