Published on : Sunday, April 6, 2014
Strategic Hotels & Resorts, Inc. (NYSE: BEE) today announced that it completed the redemption of all of the outstanding 4,148,141 shares of its 8.50% Series A Cumulative Redeemable Preferred Stock (NYSE: BEE-PA) (the “Series A Preferred Shares”).
The Series A Preferred Shares were redeemed at a redemption price of $25.00 per share, plus accrued and unpaid dividends in the amount of $0.54896 per share, for a total redemption cost of $105,980,688.48.
The redemption of the Series A Preferred Shares will eliminate approximately $6.5 million in dividend payments for the remainder of 2014 and $8.8 million of dividend payments on an annual basis.
Source:- Strategic Hotels & Resort
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