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Lasalle Hotel Properties Announces Full Exercise of Underwriters` Option to Purchase Additional Shares


Monday, 17 Dec 2012 09:18am EST 

Lasalle Hotel Properties announced that, in connection with its previously announced public offering of 8,000,000 common shares at a price to the public of $23.70 per share, the underwriters exercised in full their option to purchase an additional 1,200,000 common shares. Including the option shares, the Company is issuing 9,200,000 shares in the offering, which is expected to close on December 19, 2012. Citigroup and Raymond James are acting as joint book-running managers for the offering, BMO Capital Markets is acting as lead manager, Deutsche Bank Securities, RBC Capital Markets and Wells Fargo Securities are acting as senior co-managers and BB&T Capital Markets, Piper Jaffray, PNC Capital Markets LLC and RBS are acting as co-managers. The Company intends to use the net proceeds of the offering, including proceeds from the exercise of the underwriters` option, to fund all or a portion of the cost of future hotel acquisitions, including the potential acquisition of a hotel in a major U.S. market in which the Company already owns properties, to reduce amounts outstanding under its senior unsecured credit facility and under the unsecured credit facility of the Company`s taxable REIT subsidiary, LaSalle Hotel Lessee, Inc., and for general corporate purposes. 

Company Quote

36.43
0.38 +1.05%
20 Aug 2014