FelCor greenshoe exercised, raising convertible preferreds to $57.5 million

Pittsburgh, Aug. 23 - FelCor Lodging Trust Inc. said the underwriters of its recent offering of 7.8% series A cumulative convertible preferred stock exercised the over-allotment option in full, raising the size of the deal to $57.5 million.

The Irving, Texas, lodging real estate investment trust and hotel owner originally priced $50 million of the shares after the close on Aug. 18 at $23.94 to yield 8.375%.

Bear Stearns & Co. Inc. and Citigroup Global Markets Inc. were the bookrunners on the registered distribution.

The proceeds, together with excess cash, will be used to redeem $60 million of FelCor's 9½% senior notes due 2008.

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