Sotherly Hotels pays $11 million to redeem 12% series A preferreds

By Susanna Moon

Chicago, Sept. 30 - Sotherly Hotels Inc. said it redeemed all outstanding shares of its 12% series A cumulative redeemable preferred stock for a redemption price of about $11 million, including accrued dividends and make-whole premiums.

Funding for the redemption came from the proceeds of the issuance of $27.6 million 8% senior notes due Sept. 30, 2018 on Monday. The company priced $24 million of the notes on Sept. 25 and sold another $3.6 million of the notes under the greenshoe.

The new notes were issued via the company's operating partnership, Sotherly Hotels LP.

Sandler O'Neil + Partners LP was the bookrunning manager.

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

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