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SOHO > SEC Filings for SOHO > Form 8-K on 5-Aug-2013All Recent SEC Filings

Show all filings for SOTHERLY HOTELS INC.



Entry into a Material Definitive Agreement, Creation of a Direct Financial O

Item 1.01 Entry into a Material Definitive Agreement.

On August 1, 2013, Raleigh Hotel Associates, LLC and other affiliates of the Company entered into a credit and security agreement and other loan documents to secure a $15.6 million mortgage (the "Mortgage Loan") on the DoubleTree by Hilton Raleigh Brownstone-University hotel property (the "Hotel") with CIBC, Inc.

Pursuant to the loan documents:

The maturity date of the Mortgage Loan is August 1, 2018; and

The Mortgage Loan carries a fixed interest rate of 4.78% and amortizes on a 30-year schedule.

Approximately $0.7 million of the loan proceeds were placed into a restricted reserve which can be disbursed to the Company upon satisfaction of certain financial performance criteria. The Company used the remaining proceeds from the Mortgage Loan to repay the existing first mortgage on the Hotel, to pay closing costs, to redeem approximately 2,460 shares of the Company's Series A Cumulative Redeemable Preferred Stock for an aggregate redemption price of approximately $2.7 million (plus the payment of related accrued and unpaid cash and stock dividends), and for general corporate purposes.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The disclosure required by this item is included in Item 1.01 and is incorporated herein by reference.

Item 7.01 Regulation FD Disclosure.

On August 5, 2013, the Company issued a press release announcing the transactions effected pursuant to the debt financing of the Hotel. A copy of the press release is furnished as Exhibit 99.1 hereto.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release of Sotherly Hotels Inc. dated August 5, 2013, announcing the transaction effected pursuant to the debt financing of the DoubleTree by Hilton Raleigh Brownstone-University hotel.

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