BHR - Braemar Hotels & Resorts prices $75M convertible senior notes offering

Braemar Hotels & Resorts (BHR) priced its private placement of $75M principal amount of its 4.5% Convertible Senior Notes due 2026; initial purchasers granted 13-day option to purchase up to an additional $11.25M principal amount of the Notes.Offer expected to be closed on or about May 18.Notes will pay interest semi-annually at a rate of 4.5% per annum.Notes maturity set at June 1, 2026.The initial conversion rate for the Notes will be 157.7909 shares of the company's stock per $1K principal amount of Notes and the initial conversion price will be ~$6.34/share of the stock.Net proceeds to be used for general corporate purposes, including, but not limited to, repayment of a portion of its indebtedness, including amounts outstanding under its secured term loan, for capital expenditures or potential acquisitions.

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Braemar Hotels & Resorts prices $75M convertible senior notes offering