• Strategic debt move

Strategic Hotels has cut the cost of its debt, by redeeming a series of 8.5% coupon stock. The USD106m transaction to buy back the paper will save USD8.8m in dividend payments per year.

The Series A preferred shares were redeemed at face value, plus a payment covering outstanding dividends. The company still has a B and C series of preferred shares outstanding, paying 8.25%.
Read the full story here:
http://ir.strategichotels.com/phoenix.zhtml?c=176522&p=irol-newsArticle&ID=1915894&highlight=

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