Buy The FelCor Prefs On The Upcoming Merger With RLJ [Seeking Alpha]
FELCOR LODGING TRUST (FCH)
Last felcor lodging trust earnings: 8/9 08:37 am
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US:NYSE Investor Relations:
ir.felcor.com
Company Research
Source: Seeking Alpha
Summary We recommend going long the FelCor Lodging Trust’s 7.8% Series A Cumulative Convertible Preferred Shares (FCH/A) on FelCor’s (NYSE: FCH ) upcoming merger with RLJ Lodging Trust (NYSE: RLJ ). FCH/A is currently trading at a 6.9% yield and cannot be called. We expect FCH/A to re-rate significantly to a sub-6% yield once the merger closes with RLJ, given the lower leverage and better credit profile of the pro forma company. We think that FCH/A should conservatively trade at $31-33, which implies upside of 10-17% from current levels, and investors can clip a 6.9% dividend yield while they’re waiting. Background On April 23, 2017, RLJ announced the all-stock acquisition of FCH to create the 3 rd largest US lodging REIT with a combined market cap of $4.2 billion and enterprise value of $7 billion. Under the terms of the merger FCH shareholders would receive 0.362 shares of RLJ for each share of FCH. The merger was approved by FCH and RLJ shareholders on August 15, 201
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