Shares of Braemar Hotels & Resorts Inc. (BHR) are trading down 18 percent on Thursday. The other day, the real estate investment trust had announced a private placement of $50 million senior notes due 2026.
Braemar expects to use the net proceeds from the offering for general corporate purposes and also for the repayment of a portion of its indebtedness, including amounts outstanding under its secured term loan, for capital expenditures or potential acquisitions.
The stock is currently trading at $5.50, down $1.24 or 18 percent on the NYSE. BHR has traded between $2.01 and $7.45 during the past 52 weeks.
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