Equity Inns Prices Series C Stock Offering
GERMANTOWN, TN, February 10, 2006. In a move that could result in net proceeds of approximately $57.9 million, Equity Inns, Inc. has priced an offering to sell 2.4 million shares of 8% Series C Cumulative Preferred Stock.
The Series C Preferred Stock can be redeemed at $25 per share plus accrued but unpaid dividends at the election of Equity Inns on or after Feb. 15, 2011. The securities have no stated maturity, sinking fund or mandatory redemption and are not convertible into any other Equity Inns security.
The transaction, which was underwritten solely by A.G. Edwards & Sons, Inc., is expected to close on Feb. 15, 2006. Equity Inns has also filed an application to list the Series C Preferred Stock on the New York Stock Exchange under the symbol "ENN PrC."
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