Sunstone Hotel Investors, Inc. (SHO: Quote) said Monday that it has agreed to sell 17.25 million shares of its common stock in an underwritten public offering.
The underwriter will be granted a 30-day option to purchase up to an additional about 2.59 million shares of common stock.
The offering is expected to close on February 1.
The company said it plans to use the net proceeds from the offering after deducting the underwriting discount and estimated offering expenses, to repurchase or redeem all issued and outstanding 8.0% Series A Cumulative Redeemable Preferred Stock and, to the extent any excess proceeds are available, for potential future acquisitions and for other general corporate purposes, including working capital and capital investments in our portfolio.
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by RTT Staff Writer
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