Hersha Hospitality Trust (HT) announced a public offering of Series C cumulative redeemable preferred shares of beneficial interest, par value $.01 per share or $25.00 liquidation preference per share.
Hersha said it intends to grant the underwriters of the offering a 30-day option to purchase additional Series C preferred shares solely to cover over-allotments, if any.
The company stated that it intends to use the net proceeds of the offering for the redemption of all of its outstanding 8.00% Series A cumulative redeemable preferred shares of beneficial interest, par value $.01 per share or $25.00 liquidation preference per share.
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