At the close of trading on the Amex on Dec. 13, the day the over-allotment closed, HT stock traded at $11.25 a share, down $0.10 from the preceding day. The 52-week high is $11.99 a share, and the 52-week low is $8.70 a share.
The locally based hospitality REIT will use a portion of the proceeds to repay debt under its $100-million revolving credit facility. Jay Shah, CEO, previously said the company planned to lower its debt ratio.
According to an SEC filing, as of Sept. 30, the debt was approximately $37.8 million. It currently accrues interest at an annual rate equal to the Wall Street Journal prime rate, less 0.75% a year, and must be repaid on or before Dec. 31, 2008.
UBS Investment Bank and Wachovia Securities were joint book-running managers for the offering. Raymond James was lead manager, and Robert W. Baird & Co. and Stifel Nicolaus were co-managers.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
