Boykin Lodging To Raise $106.3 Million In Stock Offering

19th Feb 1998

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.





Recommended for you

Follow Breaking Travel News

Travel Events Calendar

Media Partnerships

Global Restaurant Investment ForumThe Hospitality & Tourism SummitCATHIC
ITB AsiaChina Outbound Travel & Tourism MarketThe Travel Marketing Store
Serviced Apartment SummitWorld Travel MarketIMEX
AHICWTTCRoutes Online
UBM Aviation