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Sunstone Hotel Investors Inc Announces Public Follow-On Offering of 17,250,000 Shares of Primary Common Stock


Monday, 28 Jan 2013 04:28pm EST 

Sunstone Hotel Investors Inc announced that it has agreed to sell 17,250,000 shares of its common stock in an underwritten public offering. The underwriter may offer shares of common stock in transactions of the NYSE, in the over-the-counter market or through negotiated transactions at market prices or at negotiated prices. The underwriter will be granted a 30-day option to purchase up to an additional 2,587,500 shares of common stock. The offering is expected to close on February 1, 2013, subject to customary closing conditions. The Company intends to use the net proceeds from the offering after deducting the underwriting discount and estimated offering expenses, to repurchase or redeem all issued and outstanding 8.0% Series A Cumulative Redeemable Preferred Stock and, to the extent any excess proceeds are available, for potential future acquisitions and for other general corporate purposes, including working capital and capital investments in our portfolio. Citigroup is serving as the sole book-running manager for the offering. 

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