Sunstone Hotel Investors, Inc. Announces Public Offering of Common Stock
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Sunstone Hotel Investors, Inc. Announces Public Offering of Common Stock
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Category: Worldwide -
This is a press release selected by our editorial committee and published online for free on 2006-07-19
Sunstone Hotel Investors, Inc. (NYSE: SHO) announced today that it has agreed to sell 4,000,000 shares of common stock pursuant to a forward sale agreement with an affiliate of Citigroup Global Markets Inc. In connection with the forward sale agreement, the forward purchaser intends to borrow and sell 4,000,000 shares of Sunstone common stock to be sold by Citigroup Global Markets Inc. in a public offering. The net proceeds to the Company upon settlement of the forward sale agreement are expected to be approximately $111 million.
The offering will be made under the Company's existing shelf registration statement filed with the Securities and Exchange Commission. The Company will not receive any proceeds from the sale of its common stock in the public offering, but only upon settlement of the forward sale agreement, which may occur in multiple settlements on or before one year from the closing date of this offering. The Company also has the option to cash settle or net stock settle the forward sale.
Citigroup Global Markets Inc. is acting as the sole book running manager for the offering.
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 or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. When available, copies of the prospectus supplement relating to these securities may be obtained from Citigroup Global Markets Inc., Attn: Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th floor, Brooklyn, NY 11220, Telephone No. 1-800-831-9146.
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