Sunstone Hotel Investors increases number of shares in public offering
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.