Hersha (HT) Prices 24M Shares at $4.25/Share for Gross Proceeds of $102M
Hersha Hospitality Trust (NYSE: HT), owner of upscale, mid-scale and extended stay hotels in major metropolitan markets, announced the pricing of its public offering of 24,000,000 common shares of beneficial interest, par value $0.01 per share, at a price of $4.25 per share. Hersha has granted the underwriters of the offering a 30-day option to purchase up to an additional 3,600,000 common shares to cover over-allotments, if any. Gross proceeds from the offering will be approximately $102.0 million (or approximately $117.3 million if the underwriters exercise their overallotment option in full). The Company intends to use the proceeds of the offering to repay outstanding indebtedness under its revolving line of credit and for general corporate purposes.
BofA Merrill Lynch, Raymond James and UBS Investment Bank are the joint book-running managers for the offering. Baird is a lead manager for the offering. Barclays Capital, Citadel Securities, FBR Capital Markets, JMP Securities, Keefe, Bruyette & Woods, Oppenheimer & Co. and Stifel, Nicolaus & Company, Incorporated, are the co-managers for the offering.
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