RLJ Lodging Trust Prices Public Offering Of 8 Mln Shares At $26.45/shr

(RTTNews) - RLJ Lodging Trust (RLJ) announced that it has priced an underwritten public offering of 8 million common shares of beneficial interest at a public offering price of $26.45 per share, for net proceeds of approximately $202.3 million, after deducting the underwriting discount and other estimated offering costs.

The offering was upsized from an original amount of 7.50 million common shares to the final offering size of 8 million common shares. The company also granted the underwriters of the offering a 30-day option to purchase up to an additional 1.20 million common shares. The offering is expected to close on or about May 28, 2014, 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.