Winston Hotels, Inc. (NYSE: WXH), announced today the sale by the company of 2,750,000 shares of common stock in a follow-on public offering. The offering was priced on Tuesday, March 19, 2002, at a public offering price of $9.00 per share. The lead underwriter for the offering is Raymond James & Associates, Inc. and the co-manager is BB&T Capital Markets, a Division of Scott & Stringfellow, Inc.
The net proceeds to the company from the offering are estimated to be $23 million; which the company will use to repay outstanding indebtedness.
The company has granted the underwriters an option, exercisable within 30 days after the pricing date, to purchase up to 412,500 additional shares of common stock to cover over-allotments, if any.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.