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Supertel Hospitality to sell up to $25 million of convertible preferreds
New York, Nov. 16 - Supertel Hospitality, Inc. is offering to sell up to $25 million of series A convertible preferred stock in a best efforts offering via agent Anderson & Strudwick Inc.
The Securities and Exchange Commission-registered deal has a minimum size of $12 million.
Supertel will sell up to 2.5 million shares of the $10 liquidation preference perpetual preferreds, according to an S-2 filing with the SEC.
The dividend and conversion price have not yet been set.
From 2008 onwards, the preferreds will be callable at $10.80, declining to $10.40 in 2009 and par in 2010.
Supertel will apply to list the preferreds on the Nasdaq National Market.
Supertel, a Norfolk, Neb., real estate investment trust, will use proceeds to repay borrowings on its revolving credit facility.
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