Boykin Lodging Company (NYSE: BOY) announced today that it has priced a public offering of $45 million of depositary shares. Each depositary share represents a 1/10 fractional interest in a share of the Company`s 10-1/2% Cumulative Preferred Shares, Series 2002-A. The sales price is $25.00 per depositary share. Dividends on the depositary shares will be fixed at $2.625 per share per annum and will be payable quarterly. The offering is scheduled to close on October 7, 2002. The net proceeds of the offering will be used by the Company to repay existing indebtedness. An application has been made to list the depositary shares on the New York Stock Exchange.
The offering was led by A.G. Edwards & Sons, Inc. In addition to the 1.8 million depositary shares offered, the Company has granted the underwriters an option to purchase up to an additional 270,000 shares to cover over-allotments, if any. A prospectus supplement may be obtained from A.G. Edwards & Sons, Inc., One North Jefferson Avenue, St. Louis, Missouri, 63103.
Boykin Lodging Company is a real estate investment trust that focuses on the ownership of full-service, upscale commercial and resort hotels. The Company currently owns 33 hotels containing a total of 9,252 rooms located in 19 states, and operating under such internationally known brands as Doubletree, Marriott, Hilton, Radisson, Embassy Suites, and Courtyard by Marriott among others. For more information about Boykin Lodging Company, visit the company`s web site at www.boykinlodging.com.
This release contains forward-looking statements. Although the company believes its business plans are based upon reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the company`s expectations include financial performance, real estate conditions, execution of hotel acquisition programs, changes in local or national economic conditions, and other similar variables.