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Innkeepers USA Trust, 8.625% Series A Convertible Preferred Shares
Ticker Symbol: KPA-A* CUSIP: 4576J0302 Exchange: NYSE
* NOTE: This security is no longer trading as of 1/20/2004
Security has been Called for: Tuesday, January 20, 2004
Dec 18, 2003 -- Innkeepers USA Trust today announced that it has priced an offering of 5,200,000 new 8.0% Series C cumulative preferred shares (liquidation preference $25 per share). The offering is expected to close on January 20, 2004. The company intends to use the net proceeds of approximately $125.6 million from the offering to redeem all of the company's outstanding 8.625% Series A cumulative convertible preferred shares and for general corporate purposes.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Innkeepers USA Trust, 8.625% Series A Convertible Preferred Shares of Beneficial Interest, liquidation preference $25 per share, redeemable at the issuer's option on or after 5/18/2003 at $25 per share plus accrued and unpaid dividends, with no stated maturity, and with distributions of 8.625% per annum paid quarterly on the 4th Tuesday of January, April, July and October to holders of record on the last Friday of December, March , June and September respectively. The preferred shares are convertible any time at the holder's option into 1.4811 common shares of Innkeepers USA Trust (NYSE: KPA), an initial conversion price of $16.88 (calculated) per common share. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the convertible preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below. The Series A Preferred Shares were originally issued in a private placement in May of 1998 to EVEREN Securities Inc. as the original purchaser.
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Stock
Exchange |
Cpn Rate
Ann Amt |
LiqPref
CallPrice |
Call Date
Matur Date |
Moodys/S&P
Dated |
Conv Shrs
Conv Price |
Distribution Dates |
15%
Tax Rate |
NYSE
Chart
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8.63%
$2.15625
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$25.00
$25.00
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Called for
1/20/2004
None
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NF NF
11/18/2003
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1.4811
$16.88
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4th Tue, Jan, Apr, Jul, Oct
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
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No
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Go to Parent Company's Record (KPA)
IPO - 5/1/1998 - 4.63 Million Shares @ $25.00/share.
Link to IPO Prospectus
Market Value $110.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Address and Phone Numbers |
| Address: 340 Royal Poinciana Way, Suite 306, Palm Beach, FL 33480 |
| Main Phone Number |
561-835-1800 |
| Fax Number |
561-835-0457 |
| Investor Contact (CFO)
Dennis Craven
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561-227-1302
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