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Summit Hotel Properties Inc Launches Public Offering of Common Stock

Thursday, 12 Sep 2013 04:08pm EDT 

Summit Hotel Properties Inc announced the commencement of an underwritten public offering of 15,000,000 shares of its common stock, par value $0.01 per share. The Company intends to grant the underwriters of the offering a 30-day option to purchase up to an additional 2,250,000 shares. The shares will be offered pursuant to the Company`s effective shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission. The Company will contribute the net proceeds of the offering to Summit Hotel OP, LP, its operating partnership (the Operating Partnership), which will use the net proceeds to reduce the outstanding balances under the Company`s $150 million senior secured revolving credit facility and the Company`s $92 million senior secured interim loan and any remaining net proceeds will be used for general corporate purposes, including repayment of debt and acquisitions of additional hotel properties. BofA Merrill Lynch, Deutsche Bank Securities, Baird, Raymond James, and RBC Capital Markets are acting as book-running managers for the offering. 

Company Quote

-0.1 -0.91%
3:28pm EDT