other material
confidence high
sentiment positive
materiality 0.65
Sunstone Hotel issues 4M shares of 5.70% Series I Preferred, redeems 3M Series F shares
Sunstone Hotel Investors, Inc.
- Issued 4,000,000 shares of 5.70% Series I Cumulative Redeemable Preferred Stock at $25 liquidation preference.
- Net proceeds from offering approximately $96.85 million after underwriting discount.
- All 3,000,000 shares of 6.450% Series F Preferred to be redeemed on Aug 12, 2021 at $25/share plus accrued dividends.
- Series I Preferred ranks senior to common and on parity with Series F, G, H preferred.
- Dividends cumulative at 5.70% per annum, payable quarterly starting Oct 15, 2021.