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Yorkville establishes USD50m equity facility with Ashford

YA Global Master SPV, a fund managed by US-based investment manager Yorkville Advisors, has formed a standby equity distribution agreement with NYSE-listed Ashford Hospitality Trust. 

The agreement enables Ashford to sell up to USD50m of its common stock in tranches to YA Global over a 36 month term.

At Ashford’s discretion, the commitment amount could be increased by USD15m to USD65m within the first year of the agreement.

As set forth in the agreement, each tranche is limited in size and the newly issued shares are priced pursuant to a formula based off the current market price of Ashford. 

The agreement provides to Ashford, at its full discretion, access to the capital markets when needed for general corporate purposes. 

Michael Rosselli, managing director of Yorkville Advisors, says: “We see great potential in the investment opportunity presented by Ashford Hospitality. We believe that the Ashford management team is aligned to enhance shareholder value and has taken strategic steps to optimize performance during this cycle and the anticipated market recovery.”

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