NEWTON, Mass.--(BUSINESS WIRE)--
Hospitality Properties Trust (NYSE:HPT) today announced that it priced a
public offering of 8,500,000 common shares at a price to the public of
$28.00 per share. The settlement of this offering is expected to occur
on Wednesday, November 13, 2013. HPT expects to use the net proceeds of
this offering to repay amounts outstanding under its unsecured revolving
credit facility and for general business purposes. The underwriters have
been granted a 30-day option to purchase up to an additional 1,275,000
common shares.
The joint book-running managers for the common share offering are
Citigroup, BofA Merrill Lynch and Morgan Stanley. The co-lead managers
are Jefferies, RBC Capital Markets, UBS Investment Bank, and Wells Fargo
Securities. The co-managers are Baird, BB&T Capital Markets, Janney
Montgomery Scott, JMP Securities, MLV & Co., and Oppenheimer & Co.
This press release is neither an offer to sell nor a solicitation of an
offer to buy HPT common shares, nor shall there be any sale of these
securities in any state or jurisdiction in which the offer, solicitation
or sale would be unlawful prior to registration or qualification under
the securities laws of such state or jurisdiction. The prospectus
supplement relating to this offering and related prospectus are expected
to be filed with the Securities and Exchange Commission (SEC) and copies
may be obtained by contacting the offices of: Citigroup, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
telephone: (800) 831-9146; BofA Merrill Lynch, Attn: Prospectus
Department, 222 Broadway, New York, NY 10038, email:
dg.prospectusrequests@baml.com; or Morgan Stanley, Attn: Prospectus
Department, 180 Varick Street, 2nd Floor, New York, NY 10014,
telephone: (866) 718-1649, email: prospectus@morganstanley.com.
WARNING CONCERNING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE
MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND
OTHER SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON
HPT'S PRESENT BELIEFS AND EXPECTATIONS, BUT THESE STATEMENTS ARE NOT
GUARANTEED. FOR EXAMPLE:
-
THIS PRESS RELEASE STATES THAT THE SETTLEMENT OF THIS OFFERING IS
EXPECTED TO OCCUR ON NOVEMBER 13, 2013. IN FACT, THE SETTLEMENT OF
THIS OFFERING IS SUBJECT TO VARIOUS CONDITIONS AND CONTINGENCIES AS
ARE CUSTOMARY IN UNDERWRITING AGREEMENTS IN THE UNITED STATES. IF
THESE CONDITIONS ARE NOT SATISFIED OR THE SPECIFIED CONTINGENCIES DO
NOT OCCUR, THIS OFFERING MAY NOT CLOSE.
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HPT'S CURRENT INTENT TO REPAY AMOUNTS OUTSTANDING UNDER ITS UNSECURED
REVOLVING CREDIT FACILITY WITH THE NET PROCEEDS OF THIS OFFERING IS
DEPENDENT ON THE CLOSING OF THE OFFERING AND MAY NOT OCCUR.
-
THIS PRESS RELEASE STATES THAT THE UNDERWRITERS HAVE BEEN GRANTED AN
OPTION TO PURCHASE UP TO AN ADDITIONAL 1,275,000 COMMON SHARES. AN
IMPLICATION OF THIS STATEMENT MAY BE THAT THIS OPTION MAY BE EXERCISED
IN WHOLE OR IN PART. IN FACT, HPT DOES NOT KNOW WHETHER THE
UNDERWRITERS WILL EXERCISE THIS OPTION, OR ANY PART OF IT.
FOR THESE REASONS, AMONG OTHERS, INVESTORS ARE CAUTIONED NOT TO PLACE
UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.
A Maryland Real Estate Investment Trust with transferable shares of
beneficial interest listed on the New York Stock Exchange.
No
shareholder, Trustee or officer is personally liable for any act or
obligation of the Trust.
Hospitality Properties Trust
Timothy A. Bonang, Vice President,
Investor Relations
or
Katie Strohacker, Senior Manager,
Investor Relations
617-796-8232