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Slideshow Preferred Stock Offerings

By Ru Back Packer Staff, updated Sunday, January 28, 9:12 AM

Slide #240. Strategic Hotels & Resorts, Inc. Preferred Stock Offering

Company: Strategic Hotels & Resorts, Inc. (BEE)
Date announced: 5/27/2014
Shares Offered: 36,000,000
Date of Pricing: 5/28/2014
Price Per Share: $10.50
Preferred Stock Offering Details: Strategic Hotels & Resorts, Inc. announced that it is commencing an underwritten public offering of 34,000,000 shares of its common stock (the "Offering"). The Company expects to grant the underwriters an option to purchase up to 5,100,000 additional shares of common stock to cover over-allotments, if any. J.P. Morgan, Deutsche Bank Securities, BofA Merrill Lynch, and Wells Fargo Securities will act as joint book-running managers for the Offering. The Company intends to use the net proceeds from the Offering to fund the acquisition of the 63.6% ownership interest in the Hotel del Coronado that it does not own from its joint venture partner, to redeem all of the issued and outstanding shares of its 8.25% Series C Cumulative Redeemable Preferred Stock, and for general corporate purposes, including, without limitation, reducing its borrowings under its bank credit facility, repaying other debt and funding capital expenditures and working capital. - updated 5/28 - Strategic Hotels & Resorts, Inc. (the "Company") (NYSE: BEE) today announced that it priced an underwritten public offering of 36,000,000 shares of its common stock (the "Offering") at $10.50 per share. The Company has granted the underwriters a 30-day option to purchase up to 5,400,000 additional shares of common stock to cover over-allotments, if any. The Company estimates that the net proceeds from the Offering, after underwriting discounts and commissions and estimated offering expenses, will be approximately $362.4 million or approximately $416.8 million if the underwriters' over-allotment option is exercised in full. J.P. Morgan, Deutsche Bank Securities, BofA Merrill Lynch, and Wells Fargo Securities are acting as joint book-running managers for the Offering. Raymond James is acting as lead manager, and BMO Capital Markets, Capital One Securities, Evercore, JMP Securities and MLV & Co. are acting as co-managers for the Offering.

Strategic Hotels & Resorts operates as a self-administered and self-managed real estate investment trust. Co. conduct its operations through its direct and indirect subsidiaries including Strategic Hotel Funding, L.L.C. As of Feb 23 2015, Co.: wholly owned or leased 14 hotels, had 53.5% and 51.0% interests in affiliates that each own one hotel where Co. asset managed such hotels, own land held for development including: 50.7 acres of oceanfront land in Nayarit, Mexico; 13.8 acres of land in Scottsdale, AZ, entitled for development and residential usage; and a 20,000 sq. ft. oceanfront land parcel in Santa Monica, CA, entitled for development and residential units.

Preferreds: BEE.PRA, BEE.PRB, BEE.PRC


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Name: Strategic Hotels & Resorts, Inc.
Website: strategichotels.com
Sector: REITs

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