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Strategic Hotels & Resorts Announces Pricing For Common Shares Offering

Strategic Hotels & Resorts Inc (BEE) Wednesday announced that it has priced the underwritten public offering of 16.0 million shares of its common stock at $6.50 per share.

The company has granted the underwriters an option to purchase up to 2.4 million additional shares of common stock to cover over-allotments, if any.

Deutsche Bank Securities and Raymond James & Associates, Inc .have been selected to act as joint book-running managers for the Offering.

The Company intends to use the net proceeds from the Offering for general corporate purposes which might include reducing its debt obligations.

The company further added that the Offering is expected to close on April 23, 2012, subject to customary closing conditions.

by RTTNews Staff Writer

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