By a News Reporter-Staff News Editor at Investment Weekly News -- Strategic Hotels & Resorts, Inc. (NYSE: BEE) announced that it intends to redeem all of the outstanding 3,827,727 shares of its 8.25% Series C Cumulative Redeemable Preferred Stock (NYSE: BEE-PC) (the "Series C Preferred Shares") on July 3, 2014 (the "Call Date"). The Series C Preferred Shares will be redeemed at a redemption price of $25.00 per share, plus accrued and unpaid dividends from July 1, 2014 up to and including the Call Date in the amount of $0.01719 per share, for a total redemption cost of $95,758,973.63. From and after the Call Date, dividends will cease to accrue and the only remaining rights of holders of Series C Preferred Shares will be to receive payment of the redemption price, plus accrued and unpaid dividends up to and including the Call Date.
The notice of redemption and other materials relating to the redemption of shares of the Series C Preferred Shares will be mailed to holders of record of such shares on or about June 3, 2014. As will be specified in the notice of redemption, payment of the redemption price will be made only upon presentation and surrender of the certificates representing the Series C Preferred Shares to the redemption agent, Computershare Trust Company, N.A. If delivered by mail, certificates should be sent to 250 Royall Street, Canton, MA 02021, Attn: Corporate Actions. Questions relating to the notice of redemption of the Series C Preferred Shares should be directed to Computershare Trust Company, N.A. at 1-855-396-2084.
Strategic also declared a quarterly cash dividend of $0.51563 per share of its Series C Preferred Shares and a cash dividend of $0.51563 per share of its 8.25% Series B Cumulative Redeemable Preferred Stock ("Series B Preferred Shares"). The Series C Preferred Share and Series B Preferred Share dividends are each payable on or about June 30, 2014, to shareholders of record of each of the Series C Preferred Shares and Series B Preferred Shares, respectively, as of the close of business on June 16, 2014. In addition, Strategic has declared and set apart for payment a dividend on the Series B Preferred Shares for the period from July 1, 2014 up to and including the Call Date at the rate of $2.0625 per annum (or $0.51563 per quarter), which dividend is expected to be paid as part of the normal quarterly dividend on the Series B Preferred Shares on or about September 30, 2014.
Keywords for this news article include: Investment and Finance, Strategic Hotels & Resorts Inc.
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