By Paul A. Harris
St. Louis, Feb. 13 - West Coast Hospitality Corp. priced a $40 million trust preferred deal on Thursday, according to an informed source.
The company priced 1.6 million of non-rated 9½% WestCoast Hospitality Capital Trust Preferred shares at par.
Friedman Billings Ramsey & Co. ran the books. Wells Fargo Securities was the co-manager.
Proceeds will be used to repay debt.
Spokane, Wash.-based West Coast Hospitality is a leisure and hospitality company.
| Issuer: | West Coast Hospitality Corp.
|
| Amount: | $40 million
|
| Maturity: | Feb. 19, 2044
|
| Security description: | WestCoast Hospitality Capital Trust Preferred shares
|
| Bookrunner: | Friedman Billings Ramsey & Co.
|
| Co-manager: | Wells Fargo Securities
|
| Coupon: | 9½%
|
| Coupon payments: | Quarterly beginning March 31, 2004
|
| Share price: | $25.00
|
| Issue price: | Par
|
| Call: | Callable on Jan. 1, 2009 at par
|
| Equity clawback: | 35% at 105 with a $50 million equity offering
|
| Trade date: | Feb. 12
|
| Settlement date: | Feb. 19
|
| Ratings: | Not rated
|
| Listing: | New York Stock Exchange
|
| Ticker: | WEHPrA
|
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