Economy/AP
Hyatt Hotels underwriters exercise option to buy additional 5.7M shares at $25 each
Associated Press
11/06/09 8:15 PM EST
CHICAGO — Hyatt Hotels Corp. said Friday that underwriters of its initial public offering have exercised their option to buy 5.7 million more shares of common stock at $25 apiece.
Hyatt, which raised $950 million in its IPO this week, expects to get net proceeds of about $127.3 million from the sale of the shares, after the underwriting discount and expenses. The company, based in Chicago, plans to use the proceeds for working capital and other general expenses.
The bookrunning manager is Goldman Sachs & Co. Deutsche Bank Securities Inc. and JPMorgan Securities Inc. are lead managers.
Hyatt shares closed Friday at $28.
