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Sotherly Hotels LP, 7.25% Senior Unsecured Notes Due 2/15/2021
Ticker Symbol: SOHOK* CUSIP: 83600E307 Exchange: NGM
* NOTE: This security is no longer trading as of 5/19/2018
Security has been Called for: Sunday, May 19, 2019
From the form 8-K filed with the SEC on 4/19/2019 -- On April 18, 2019, Sotherly Hotels LP, whose sole general partner is Sotherly Hotels Inc., notified Wilmington Trust, National Association of the Operating Partnership’s intent to redeem the entire $25.0 million aggregate principal amount of its 7.25% Senior Unsecured Notes due 2021, pursuant to the base indenture dated as of February 12, 2018 and the first supplemental indenture dated as of February 12, 2018 by and between the Operating Partnership and the Trustee on the following terms: The Notes will be redeemed on May 19, 2019 (the “Redemption Date”); The Notes will be redeemed at a redemption price equal to 101% of the principal amount of the Notes, plus any accrued and unpaid interest to, but not including, the Redemption Date; The paying agent is Wilmington Trust, National Association (“Paying Agent”), whose address is Rodney Square North, 1100 N. Market Street, Wilmington, DE 19890; The Notes must be surrendered to the Paying Agent at the above address to collect the Redemption Price; and Unless the Operating Partnership defaults in making the redemption payment, interest on Notes called for redemption ceases to accrue on and after the Redemption Date, and the only remaining right of the holders of such Notes is to receive payment of the Redemption Price upon surrender to the Paying Agent of the Notes redeemed. We have instructed the Trustee to send redemption notices and other materials relating to the redemption of the Notes to holders of the Notes on or about April 19, 2019.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Sotherly Hotels LP, 7.25% Senior Unsecured Notes Due 2021, issued in $25 denominations, redeemable at the issuer's option on or after 2/15/2019 at a price equal to 101% of the principal amount redeemed together with accrued and unpaid interest, and maturing 2/15/2021. Interest distributions of 7.25% per annum ($1.8125 per annum or $0.453125 per quarter) will be paid quarterly on 2/15, 5/15, 8/15 & 11/15 to holders of record on the record date that will be 2/1, 5/1, 8/1 & 11/1 respectively (NOTE: the ex-dividend date is at least one business day prior to the record date). If a change of control repurchase event occurs the issuer must offer to repurchase the notes at a repurchase price equal to 102% of the aggregate principal amount plus any accrued and unpaid interest (see the prospectus for further information). Distributions paid by these debt securities are interest and as such are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. This security was not rated by Moody’s or S&P at the time of its IPO. Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. The Notes are unsecured and unsubordinated obligations of the company and will rank equally with all existing and future unsecured and unsubordinated indebtedness of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (SOHO)
IPO - 2/8/2018 - 1.00 Million Notes @ $25.00/note.
Link to IPO Prospectus
Market Value $25.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 410 West Francis Street, Williamsburg, VA 23185 |
| Main Phone Number |
757-229-5648 |
| Fax Number |
Not Available |
| Investor Relations
Scott Kucinski
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757-229-5648
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| CEO - Andrew M. Sims |
CFO - Anthony E. Domalski |
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