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Sotherly Hotels prices $30M offering of series C preferred stock

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Sotherly Hotels prices $30M offering of series C preferred stock

Sotherly Hotels Inc. priced an offering of 7.875% series C cumulative redeemable perpetual preferred shares to gross about $30.0 million.

The underwritten public offering of 1.2 million preferred shares also comes with a 30-day option for underwriters to purchase up to an additional 180,000 series C shares to cover overallotments, if any, at the public offering price of $25.00 apiece.

The offering is expected to close on or about Oct. 11, with the proceeds to be contributed to the company's Sotherly Hotels LP. The operating partnership will then use the funds to fully redeem its 7.0% senior unsecured notes due 2019, while any remaining net proceeds are earmarked for general corporate purposes.

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