NEWTON, Mass., Jun 18, 2009 (BUSINESS WIRE) -- Hospitality Properties Trust (NYSE: HPT) today announced that it has
priced a public offering of 17,500,000 common shares at $11.50 per
share. The settlement of this sale is expected to occur on June 24,
2009. HPT expects to use the net proceeds 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 2,625,000 shares to cover over allotments, if any.
The offering size was increased from the previously announced 15,000,000
share offering.
The joint book-running managers for this offering are Morgan Stanley,
Citi and Wachovia Securities. The co-lead managers for this offering are
RBC Capital Markets and UBS Investment Bank. The co-managers for this
offering are Robert W. Baird & Co., Janney Montgomery Scott, Morgan
Keegan & Company, Inc., Oppenheimer & Co. and Stifel Nicolaus.
This press release shall not constitute an offer to sell, nor a
solicitation of an offer to buy, 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.
Copies of the prospectus supplement and related prospectus may be
obtained from the offices of Morgan Stanley & Co. Incorporated, 180
Varick St., 2nd Floor, New York, New York, 10014 Attention:
Prospectus Department or by email at prospectus@morganstanley.com,
from the offices of Citi, Attn: Prospectus Department, Brooklyn Army
Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220, telephone
(800) 831-9146, or from the offices of Wachovia Securities, Attention:
Equity Syndicate Department, 375 Park Avenue, New York, New York, 10022,
at (800) 326-5897 or email to equity-syndicate@wachovia.com.
WARNING REGARDING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE INCLUDES FORWARD LOOKING STATEMENTS WITHIN THE
MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND THE
FEDERAL SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON
HPT'S PRESENT BELIEFS AND EXPECTATION, BUT THESE FORWARD LOOKING
STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR FOR VARIOUS
REASONS. FOR EXAMPLE:
-
THIS PRESS RELEASE STATES THAT THE SETTLEMENT OF THE SALE OF COMMON
SHARES IS EXPECTED TO OCCUR ON JUNE 24, 2009. 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
OCCUR, THIS OFFERING MAY NOT CLOSE.
-
THIS PRESS RELEASE STATES THAT THE UNDERWRITERS HAVE BEEN GRANTED AN
OPTION TO PURCHASE UP TO AN ADDITIONAL 2,625,000 COMMON SHARES TO
COVER OVER ALLOTMENTS, IF ANY. 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 THIS OPTION, OR ANY PART OF IT, WILL BE
EXERCISED, AND THE UNDERWRITERS MAY NOT DO SO.
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.
SOURCE: Hospitality Properties Trust
Hospitality Properties Trust
Timothy A. Bonang, 617-796-8232
Director of Investor Relations
or
Carlynn Finn, 617-796-8232
Manager of Investor Relations
Copyright Business Wire 2009