Morgans Hotel to pay down facility secured by Delano South Beach, LoC

By Marisa Wong

Madison, Wis., April 1 - Morgans Hotel Group Co. plans to repay $25 million outstanding under its credit facility secured by its Delano hotel in South Beach and a $10 million letter of credit using proceeds from a $100 million rights offering, according to an 8-K filing with the Securities and Exchange Commission.

Remaining proceeds from the rights offering will be used to fund business expansion and for general corporate purposes.

Morgans is a New York hospitality company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.