Shares of FelCor Lodging (NYSE:FCH) are lower today after the REIT announced a stock offering. The company plans to sell 24 million shares at $6.00 per share for proceeds of about $138.2 million. Underwriters will have a 30-day option to purchase another 3.6 million shares at the same price. Felcor plans to use the proceeds will to complete the acquisition of Fairmont Copley Plaza in Boston.
The stock is lower by nearly 8.7 percent in late afternoon trading.
Horizon Lines (HRZ) shares are lower after the company disclosed in its annual report that it may default in the second quarter unless a deal is reached with debtholders following having to pay a $45 million penalty following a guilty plea to charges of violating federal antitrust laws with regards to price-fixing on Puerto Rican shipping routes.
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