NEWTON, Mass.--(BUSINESS WIRE)--
Hospitality Properties Trust (NYSE: HPT) today announced it has
commenced a public offering of 8,000,000 common shares. 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. It is contemplated that the underwriters will also be granted
a 30-day option to purchase up to an additional 1,200,000 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.
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 preliminary
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:
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ALTHOUGH THIS PRESS RELEASE REFERS TO AN OFFERING OF 8,000,000 COMMON
SHARES, GREATER OR LESS THAN 8,000,000 COMMON SHARES MAY BE SOLD OR
THIS OFFERING MAY BE WITHDRAWN.
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IF HPT AGREES TO SELL COMMON SHARES IN THE OFFERING, THE CLOSING OF
THE OFFERING WILL BE 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, THE SALE OF THE SHARES MAY NOT CLOSE.
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IF HPT AGREES TO SELL COMMON SHARES IN THE OFFERING, HPT'S CURRENT
INTENT TO REPAY AMOUNTS OUTSTANDING UNDER ITS UNSECURED REVOLVING
CREDIT FACILITY WITH THE PROCEEDS OF THE OFFERING WILL BE DEPENDENT ON
THE CLOSING OF THE OFFERING AND MAY NOT OCCUR.
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THIS PRESS RELEASE STATES THAT THE UNDERWRITERS HAVE BEEN GRANTED AN
OPTION TO PURCHASE UP TO AN ADDITIONAL 1,200,000 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