MHI Hospitality to price $25-par notes due 2018; proceeds to redeem preferred stock

By Stephanie N. Rotondo

Phoenix, July 5 - MHI Hospitality LP intends to sell at least $23 million of $25-par senior unsecured notes due 2018, the company said in a prospectus filed with the Securities and Exchange Commission on Friday.

Sandler O'Neill + Partners LP is the bookrunner.

Interest will be payable quarterly. The notes become redeemable in 2016 or upon a change of control.

The Williamsburg, Va.-based real estate investment trust intends to list the new notes on the Nasdaq Global Market under the ticker symbol "SHLP."

Proceeds will be used to redeem all outstanding preferred stock and for general corporate purposes.

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