trending Market Intelligence /marketintelligence/en/news-insights/trending/Nd1Nc6DoxLo0tRP8xYksdQ2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Sotherly Hotels wraps up series C preferred stock offering

Commercial Real Estate: 2020 Review

Gauging Supply Chain Risk In Volatile Times

The Commercial Real Estate (CRE) Sector Feels the Impact of the Coronavirus

Credit Analytics Case Study Poundworld Retail Ltd

Sotherly Hotels wraps up series C preferred stock offering

Sotherly Hotels Inc. completed its 7.875% series C cumulative redeemable perpetual preferred stock offering for roughly $28.0 million in expected net proceeds.

The company offered 1.2 million series C preferred shares at $25.00 apiece, with a 30-day overallotment option for the underwriters to buy up to 180,000 additional shares.

Sotherly funneled the net proceeds to its operating partnership, which aims to use the funds for the full redemption of its 7.0% senior unsecured notes due 2019. The remaining funds will be used for potential hotel acquisitions, among other general corporate purposes.

Sandler O'Neill + Partners LP and Janney Montgomery Scott LLC were the joint book runners for the offering, while Boenning & Scattergood Inc. and J.J.B. Hilliard W.L. Lyons LLC were the co-managers.