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Shares

Sunstone Hotel Investors increases number of shares in public offering

Wed, 30/01/2013 - 16:11

Sunstone Hotel Investors has increased the number of shares of its common stock being offered in its previously-announced public offering to 22 million shares.

The shares have been priced at USD11.80 per share, although actual sales prices may differ from this indicative price.

The underwriter's 30-day option to purchase additional shares of common stock has been increased to 3,300,000 shares. The offering is expected to close on 1 February 2013, subject to customary closing conditions.

The company intends to use the net proceeds from the offering to repurchase or redeem all issued and outstanding 8.0 per cent Series A Cumulative Redeemable Preferred Stock, 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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