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Stock Market & Financial Investment News

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July 9, 2014
17:30 EDTSOHOSotherly Hotels announces $23.4M 'at-the-market' equity offering
Sotherly Hotels announced that it has entered into a Sales Agency Agreement with its operating partnership, Sotherly Hotels LP, and Sandler O’Neill & Partners as the sales agent, under which it may, from time to time, sell up to $23.4M of its common stock pursuant to an "at-the-market" equity offering program. The common stock may be offered and sold through Sandler O’Neill at market prices or as otherwise agreed to with Sandler O’Neill. The company has no obligation to sell any of the common stock under the Sales Agency Agreement, and may at any time suspend solicitation and offers.
News For SOHO From The Last 14 Days
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November 24, 2014
16:16 EDTSOHOSotherly Hotels announces repayment of $19M bridge financing
SoTHERLY Hotels announced the repayment of the $19M secured Bridge Financing with Richmond Hill Capital Partners and Essex Equity Joint Investment Vehicle, which carried a 12.0% yield-to-maturity and had a maturity date of March 26, 2015. The company used a portion of the net proceeds from the previously announced offering by the company's operating partnership of its 7.0% senior unsecured notes to fund the repayment. CEO Drew Sims said, "Consistent with our recent balance sheet enhancements we continue to lower our cost of capital and extend our debt maturities. This transaction will be accretive to 2015 earnings and beyond as we use the vast majority of the unsecured note proceeds to repay the high coupon bridge loan we procured to purchase the Georgian Terrace hotel earlier this year."

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