By Paul A. Harris
St. Louis, Sept. 15 - Ashford Hospitality Trust priced $50 million of series A perpetual preferred shares to yield 8.55% on Wednesday, according to a syndicate source.
Price talk was 8 5/8% to 8¾%.
The company sold 2 million shares at $25.00 par.
Friedman Billings Ramsey and Wachovia Securities ran the books. The co-managers were Legg Mason, Stifel Nicholas.
Proceeds will be used to fund hotel purchases and mezzanine loans in the hotel sector.
The issuer is a Dallas-based real estate investment trust.
| Issuer: | Ashford Hospitality Trust
|
| Amount: | $50 million
|
| Share amount: | 2 million
|
| Share price: | $25 par
|
| Security description: | Series A preferred stock
|
| Maturity: | Perpetual
|
| Bookrunners: | Friedman Billings Ramsey, Wachovia Securities
|
| Co-managers: | Legg Mason, Stifel Nicholas
|
| Coupon: | 8.55%
|
| Call: | Callable on Sept. 22, 2009 at $25.00
|
| Pricing date: | Sept. 15
|
| Settlement date: | Sept. 22
|
| Listing: | New York Stock Exchange (in approximately 30 days)
|
| Ticker symbol: | AHTpA
|
| Ratings: | Not rated
|
| Price talk: | 8 5/8%-8¾%
|
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