LaSalle Hotel Properties prices stock offering (AP)
Wed, 10 Jun 2009 14:21:38 Etc/GM
The hotel real estate investment trust plans to use the offering's approximately $141.1 million in proceeds to pay off part of its unsecured credit agreement and subsidiary LaSalle Hotel Lessee Inc.'s unsecured credit facility. Funds will also be put toward general corporate purposes.
LaSalle said it might use the credit agreements to pay down other outstanding debt, to retire part or all of a series of outstanding preferred shares, to buy back equity, to pay for development projects and acquisitions and for working capital and other general corporate purposes.
The company's stock dropped $1.56, or 9.6 percent, to $14.63 in morning trading. Over the past year, the stock has traded in a range of $3.57 to $33.
source: http://biz.yahoo.com/ap/090610/us_lasalle_hotel_properties_pricing.html?.v=1