Home Inns Announces the Closing of Offering of Convertible Senior Notes
December 22, 2010 - Home Inns & Hotels Management Inc. (Nasdaq: HMIN) today announced the closing of its offering of US$184 million in aggregate principal amount of 2.00% convertible senior notes due 2015.
The offering included the exercise by the initial purchasers of their option to purchase up to an additional US$24 million of the convertible senior notes to cover over-allotments. The notes were offered to (1) qualified institutional buyers pursuant to Rule 144A under the United States Securities Act of 1933, as amended (the "Securities Act"), and (2) investors outside the United States in compliance with Regulation S under the Securities Act.
The Company will file a shelf registration statement for resale of the notes and the Company's ordinary shares represented by the ADSs, if any, issuable upon conversion of the notes and use its commercially reasonable best efforts to cause such registration statement to become effective under the Securities Act by the 210th day after the notes are issued.
Home Inns & Hotels Management Inc. intends to use the approximately US$177,9 million of net proceeds from this offering for new business development, investments in complementary businesses and assets, strategic acquisitions and for general corporate purposes.
The notes and the ADSs into which such notes may be convertible have not been registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state laws.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
