BOSTON (TheStreet) -- Pebblebrook Hotel Trust (PEB) shares slipped at the start of Friday's trading session after the hotel investment company priced an offering of common shares below the previous session's closing price.
Pebblebrook Hotel said priced its public offering of 17 million common shares of beneficial interest at a price of $17 per share, slightly below Thursday's closing price of $17.09. Underwriters have a 30-day option to purchase up to an additional 2.55 million shares to cover overallotments.
A total of approximately $276.6 million of net proceeds will be contributed to Pebblebrook's operating partnership, which will use the proceeds to invest in hotel properties.
Pebblebrook Hotel Trust shares were lately down by a penny to $17.08. More than 1.5 million shares changed hands about 30 minutes into Friday's trading session, compared to the average daily share volume of 182,000.Elsewhere, Apache (APA) said it has priced its offering of 23 million shares of common stock at $88 per share. Apache said it also sold 22 million depositary shares for $1.1 billion. Underwriters were given a 30-day option to purchase up to 3.45 million additional shares of its common stock and up to 3.3 million additional depositary shares. Apache said late Tuesday that it would offer 21 million shares of common stock as well as $1.1 billion of mandatory convertible preferred stock consisting of 22 million depositary shares. The offerings announcement came after Apache said it will buy $7 billion of assets in North America and Egypt from BP (BP). Shares of Apache were climbing by 1.9% to $90.99. Lightbridge (LTBR) shares dropped by 13.7% to $6.60 after the nuclear energy company said it will sell $13.7 million of its common stock and warrants through a registered direct offering with institutional investors, with proceeds to be used to fund continued work on the company's nuclear fuel design business. Lightbridge said it will sell approximately 2.07 million shares of its common stock at $6.60 per share. In addition, warrants to purchase about 1.03 million shares of its common stock at an exercise price of $9 per share will be issued to the investors. On the other hand, First Place Financial (FPFC) said it has withdrawn its registration statement, filed in June 2010, to sell approximately $80 million of common shares due to unfavorable market conditions. The announcement came as First Place Financial said it had a fiscal fourth-quarter net loss of $11.9 million. Shares were lately down 0.4% to $2.74. -- Written by Robert Holmes in Boston. Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.
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