DiamondRock Hospitality Company Announces Pricing of Public Follow-On Offering of 15,500,000 Shares of Common Stock
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DiamondRock Hospitality Company Announces Pricing of Public Follow-On Offering of 15,500,000 Shares of Common Stock
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Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2009-04-15
DiamondRock Hospitality Company ("DiamondRock") (NYSE:DRH) today announced pricing of its public offering of 15,500,000 shares of its common stock at a price of $4.85 per share. Merrill Lynch & Co. and Wachovia Securities are acting as joint book running managers for the offering. ABN AMRO Incorporated, Citi, FBR Capital Markets & Co., Goldman, Sachs & Co., J.P. Morgan and KeyBanc Capital Markets are acting as co-managers. The underwriters have been granted a 30-day option to purchase up to an additional 2,325,000 shares of common stock to cover over allotments if any.
DiamondRock intends to use the net proceeds from the offering for debt repayment and for general corporate purposes.
A copy of the prospectus supplement and prospectus relating to these securities may be obtained, when available, by contacting Merrill Lynch & Co., 4 World Financial Center, New York, NY 10080, Attention: Prospectus Department, Phone: +1 212 449 1000.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Any offer or sale will be made only by means of the written prospectus forming part of the effective registration statement.
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