Candlewood Hotel Company Announces Plan for Private Equity Placement.WICHITA, Kan.--(BUSINESS WIRE)--April 27, 1998--Candlewood Hotel Company, Inc., (Nasdaq NM: CNDL), the Wichita, Kansas-based owner, developer and franchisor of value-oriented business extended-stay hotels, announced today that it intends to raise approximately $50 million through a private placement of convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". or other equity-linked securities. The transaction is expected to close in the second quarter of this year. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the private placement will be used to finance the company's hotel development program. The securities to be offered in the private placement will not be registered under the Securities Act of 1993, as amended, or applicable state securities laws, and may not be offered or sold in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of any securities referred to herein in any state in which such offer, solicitation, or sale would be unlawful. CONTACT: Candlewood can·dle·wood n. 1. Any of several trees or shrubs yielding a usually resinous wood. 2. The wood of such a plant, burned for light or fuel. 3. The ocotillo. Noun 1. Hotel Company, Inc. Warren Fix, Chief Financial Officer (316) 631-1300 or Jerry Daly, Daly Gray Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most (609) 383-1414 |
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