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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sunstone Hotel Investors Inc | NYSE:SHO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.14 | 1.39% | 10.19 | 10.31 | 10.14 | 10.21 | 2,179,321 | 21:59:26 |
Dated July 13, 2021
Filed Pursuant to Rule 433
Registration Statement No. 333-236538
Relating to Preliminary Prospectus Supplement
Dated July 13, 2021 to Prospectus Dated February 20, 2020
SUNSTONE HOTEL INVESTORS, INC.
5.70% Series I Cumulative Redeemable Preferred Stock
(Liquidation Preference $25.00 per share)
FINAL PRICING TERMS
Issuer: | Sunstone Hotel Investors, Inc. |
Title of Shares: | 5.70% Series I Cumulative Redeemable Preferred Stock (the “Series I Preferred Shares”) |
Number of Shares: | 4,000,000 shares |
Over-allotment Option: | None |
Maturity: | Perpetual (unless redeemed by the Issuer pursuant to its optional redemption right on or after July 16, 2026), or its special optional redemption right, or converted by an investor in connection with certain changes of control). |
Trade Date: | July 13, 2021 |
Settlement Date: | July 16, 2021 (T+3) |
Dividend Rate: | 5.70% per annum of the $25.00 liquidation preference (equivalent to $1.4250 per annum per share) |
Dividend Payment Dates: | January 15, April 15, July 15 and October 15, commencing October 15, 2021 |
Conversion Rights: |
Upon the occurrence of a Change of Control, holders of the Series I Preferred Shares will have the right (unless, prior to the Change of Control Conversion Date, the Issuer has provided or provides notice of its election to redeem the Series F Preferred Shares) to convert some or all of the Series I Preferred Shares held by such holder on the Change of Control Conversion Date (the “Change of Control Conversion Right”) into a number of the Issuer’s shares of common stock, par value $0.01 per share, per Series I Preferred Share to be converted equal to the lesser of:
the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid dividends to, but not including, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after a record date for a Series I Preferred Share dividend payment and prior to the corresponding Series I Preferred Share dividend payment date, in which case no additional amount for such accrued and unpaid dividend will be included in this sum) by (ii) the Common Share Price; and
4.1425, or the Share Cap, subject to certain adjustments;
|
The Issuer has filed a registration statement (including a prospectus dated February 20, 2020 and a preliminary prospectus supplement dated July 13, 2021) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the related preliminary prospectus supplement and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and preliminary prospectus supplement if you request it by calling Wells Fargo Securities, LLC toll-free at 1-800-645-3751, J.P. Morgan Securities LLC collect at 212-834-4533, or Raymond James & Associates, Inc. at (800) 248-8863.
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