Strategic Hotels & Resorts Announces Offering of 14,000,000 Shares of Common Stock
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Strategic Hotels & Resorts Announces Offering of 14,000,000 Shares of Common Stock
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Category: Europe
This is a press release selected by our editorial committee and published online for free on 2006-05-16
Strategic Hotels & Resorts, Inc. (NYSE:BEE) today announced that it has commenced a follow-on public offering of 14,000,000 shares of its common stock. The Company has granted the underwriters a 30-day option to purchase up to an additional 2,100,000 shares of common stock at the public offering price to cover over-allotments, if any.
The shares will be offered through an underwriting syndicate led by Deutsche Bank Securities and Wachovia Securities with Citigroup, Raymond James and JMP Securities serving as underwriters.
The Company expects to use the net proceeds from the offering to repay amounts outstanding under its revolving credit facility, to partially fund the acquisition of the Ritz-Carlton Laguna Niguel from Strategic Hotel Capital, L.L.C. and for general corporate purposes. The common shares will be sold pursuant to an effective registration statement that was previously filed with the Securities and Exchange Commission.
This communication 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 the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state. The offering of the shares will be made only by means of a prospectus supplement and accompanying prospectus. When available, copies of the preliminary prospectus supplement and the accompanying prospectus may be obtained from the offices of Deutsche Bank Securities Inc., New York, NY, Attention: Syndicate Department, from the offices of Wachovia Securities Inc., New York, NY, Attention: Syndicate Department or from the offices of any of the other managing underwriters identified in this news release.
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