Morgans Announces Public Offering of Common Stock
JULY 11, 2007. Morgans Hotel Group Co. (NASDAQ: MHGC) announced today that it has commenced a public offering of 14,000,000 shares of common stock, of which 2,777,495 shares are expected to be sold by MHG and 11,222,505 shares are expected to be sold by certain selling stockholders.
MHG also expects to grant the underwriters an option to purchase up to 2,100,000 additional shares, solely to cover over-allotments, if any. MHG intends to use the net proceeds of the offering to repay in full the amounts outstanding under its revolving credit facility and for general corporate purposes. MHG will not receive any proceeds from the sale of shares of common stock by the selling stockholders.
Merrill Lynch & Co. and Morgan Stanley are acting as joint book-running managers and Citigroup, CIBC World Markets, JMP Securities, Thomas Weisel Partners LLC and Wachovia Securities are co-managers for the offering. The offering is being made only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained from Merrill Lynch & Co., 4 World Financial Center, New York, New York 10080, by calling 212-449-1000, or from Morgan Stanley, 180 Varick Street, Floor 4, New York, New York 10014, Attention: Prospectus Department.
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