Chesapeake Lodging (CHSP) Prices Larger 7.25M Offering at $20.75/Share

February 1, 2013 8:43 AM EST
Chesapeake Lodging Trust (NYSE: CHSP) has priced its public offering of 7,250,000 common shares at a public offering price of $20.75 per share, for a total of approximately $144.2 million of net proceeds, after deducting the underwriting discount and other estimated offering costs. The size of the offering represents an increase over the 6,250,000 shares that the Trust had previously announced. The offering is expected to close on or about February 6, 2013. The underwriters have been granted a 30-day option to purchase up to an additional 1,087,500 common shares at the public offering price, less the underwriting discount.

J.P. Morgan, Deutsche Bank Securities, Wells Fargo Securities and RBC Capital Markets acted as joint book-running managers for the offering. Baird, KeyBanc Capital Markets, and JMP Securities acted as co-managers for the offering.

The Trust intends to use the net proceeds of the offering to repay outstanding borrowings under its revolving credit facility, invest in future acquisitions of hotels, and for general corporate purposes.

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