Why Braemar Hotels & Resorts Popped 18.5% Today
Shares of Braemar Hotels & Resorts (NYSE: BHR) jumped as much as 18.5% in trading on Friday after the company annouced details of a debt offering. Shares didn't hold their highs of the day and are up 9% at 1:20 p.m. EDT.
Management announced the pricing of a $75 million convertible debt offering of 4.5% notes due in 2026. The deal comes with an option for underwriters to purchase another $11.25 million of notes and will have an initial conversion rate of $6.34 per share.
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Source Fool.com
