RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today announced it has priced an underwritten public offering of 13,800,000 common shares of beneficial interest at a public offering price of $21.60 per share, for net proceeds of approximately $284.8 million, after deducting the underwriting discount and other estimated offering costs. The offering was upsized from an original amount of 11,500,000 shares to the final offering size of 13,800,000 shares. The Company also granted the underwriters of the offering a 30-day option to purchase up to an additional 2,070,000 common shares. The offering is expected to close on or about March 25, 2013, subject to customary closing conditions.
The Company intends to use the net proceeds from the offering to fund potential acquisitions and for general corporate purposes, and may use net proceeds to repay amounts outstanding from time to time under its unsecured revolving credit facility.
A shelf registration statement on Form S-3 relating to the securities was previously filed with the Securities and Exchange Commission and became effective on August 22, 2012. A preliminary prospectus supplement relating to the offering has been filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
Barclays, BofA Merrill Lynch, and Wells Fargo Securities will serve as joint book-running managers for the offering. Deutsche Bank Securities, PNC Capital Markets LLC, and RBC Capital Markets are acting as senior co-managers and Baird, KeyBanc Capital Markets, Raymond James, Scotiabank and Compass Point are acting as co-managers. The offering of these securities will be made only by means of a prospectus supplement and related base prospectus. Copies of the preliminary prospectus supplement, final prospectus supplement (when available) and the related base prospectus may be obtained by contacting: (a) Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by calling 1-888-603-5847 or emailing email@example.com; BofA Merrill Lynch, Attention: Prospectus Department, 222 Broadway, New York, NY 10038, Email: firstname.lastname@example.org; or Wells Fargo Securities, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York 10152, by email at email@example.com; or by calling 1-800-326-5897 (b) the Internet site of the Securities and Exchange Commission at http://www.sec.gov.About Us RLJ Lodging Trust is a self-advised, publicly traded real estate investment trust focused on acquiring premium-branded, focused-service and compact full-service hotels. The Company’s portfolio consists of 145 hotels in 21 states and the District of Columbia, with more than 21,600 rooms.
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