Boykin Lodging Company (NYSE: BOY), a multitenant real estate investment trust, said that it would raise approximately $106.3 million from the public equity offering that was announced on February 2, 1998, and is expected to close on February 24, 1998.
A total of 4.5 million common shares priced at $25 each were offered through underwriters led by Lehman Brothers Inc., who have a 30-day overallotment option to purchase an additional 675,000 common shares.
The net proceeds will be used primarily to pay down approximately $97 million under Boykin’s revolving credit facility and to acquire full-service commercial and resort hotels. The shares were registered under the company’s shelf registration statement, filed on November 3, 1997.
This offering increases Boykin Lodging’s number of shares outstanding to approximately 14 million and its total market capitalization to approximately $350 million.