MHI Hospitality to redeem all Sotherly preferreds with note proceeds

By Marisa Wong

Madison, Wis., July 5 - MHI Hospitality, LP plans to redeem general partner Sotherly Hotels Inc.'s preferred stock using proceeds from an offering of senior notes due 2018, according to an S-11 filing with the Securities and Exchange Commission.

MHI will redeem all of the outstanding shares, along with any accrued dividends and make-whole amounts or premium payable on the preferreds, estimated to be roughly $13.65 million.

The company said it will use remaining net proceeds from the new notes for general corporate purposes.

MHI is a Williamsburg, Va.-based real estate investment trust.

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