Morgans Hotel to repay revolver borrowings with convertibles proceeds

By Sara Rosenberg

New York, Oct. 10 - Morgans Hotel Group Co. plans to repay all borrowings under its revolving credit facility using proceeds from a proposed $100 million senior subordinated convertible notes offering, according to a company news release.

Remaining proceeds will be used to fund the net cost of certain convertible note hedge and warrant transactions entered into in connection with the offering and for general corporate purposes.

Morgans Hotel is a New York-based hospitality company.

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