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Sunstone Hotel Investors Inc Announces Pricing of Public Offering of 20,000,000 Shares of Common Stock

Tuesday, 29 Oct 2013 08:40am EDT 

Sunstone Hotel Investors Inc announced the pricing of its public follow-on offering of 20,000,000 shares of its common stock for expected approximate gross proceeds of $273,000,000 before underwriting discounts and commissions and estimated offering expenses payable by the Company. The underwriter has been granted a 30-day option to purchase up to an additional 3,000,000 shares of common stock. The offering is expected to close on or about November 1, 2013. BofA Merrill Lynch is serving as the sole book-running manager for the offering and proposes to offer the shares on the NYSE, in the over-the-counter market or through negotiated transactions at market prices or at negotiated prices. The Company expects to contribute the net proceeds from this offering to Sunstone Hotel Partnership, LLC, its wholly owned subsidiary, in exchange for additional membership interests in the Operating Partnership. The Operating Partnership plans to use those net proceeds from this offering (after deducting the underwriting discount and estimated offering expenses) to finance the acquisition of the fee simple interest in a hotel located in a gateway west coast market, in which the Company does not presently own any hotels, for other potential future acquisitions and for general corporate purposes, including working capital and capital investment in the portfolio. 

Company Quote

-0.08 -0.48%
19 Dec 2014