Orient-Express Hotels Strengthens Capital Position Through Registered Direct Offering
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Orient-Express Hotels Strengthens Capital Position Through Registered Direct Offering
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Catégorie : Monde - Économie du secteur -
Tendances, avis d'expert
Ceci est un communiqué de presse sélectionné par notre comité éditorial et mis en ligne gratuitement le 17-11-2008
Orient-Express Hotels Ltd. (NYSE: OEH, http://www.orient-express.com), today announced that it has entered into definitive agreements with selected institutional investors to sell an aggregate of 8,490,000 newly issued class A common shares, par value $.01 per share, in a registered direct offering at a negotiated price of $6.50 per share, for gross proceeds of approximately $55.2 million, before deducting placement agents' fees and estimated offering expenses payable by the Company. The shares being issued represent just under 20% of the Company's outstanding class A common shares. The Company's costs in connection with the offering are expected to be approximately $250,000.
The Company currently intends to use the net proceeds from this offering primarily for general corporate purposes, which may include the reduction of debt, capital investment in existing owned properties and the funding of working capital needs. Any net proceeds the Company may use to pay revolving debt may be immediately reborrowed and used for general corporate purposes.
The closing of the offering is expected to take place on or about Wednesday, November 19th, 2008, subject to the satisfaction of customary closing conditions. Lazard Capital Markets LLC served as the lead placement agent and Merrill Lynch, Pierce, Fenner & Smith Incorporated served as the co-placement agent for the offering.
The class A common shares described above are being offered by the Company pursuant to a registration statement, which was filed with the Securities and Exchange Commission and which became effective automatically upon filing on November 14, 2008. A prospectus supplement describing the terms of the offering will be filed with the Securities and Exchange Commission and will form part of the effective Registration Statement.
The class A common shares may only be offered by means of a prospectus supplement and accompanying prospectus. Copies of the prospectus supplement and accompanying base prospectus relating to this offering can be obtained at the SEC's website at http://www.sec.gov. or from Lazard Capital Markets LLC at 30 Rockefeller Plaza, 60th Floor, New York, NY 10020.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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