Benzinga | Sep 23, 2021 06:51AM EDT

Hyatt Hotels To Raise $500M Via Equity Offering

* Hyatt Hotels Corp (NYSE:H) has priced the public offering of 7 million shares of its Class A common stock at $74.50 per share.

* The offer price represents a 1.2% discount to Hyatt's closing price on September 23, 2021.

* The underwriters have a 30-day option to buy up to an additional 1.05 million shares.

* Related Content: Hyatt Hotels Begins Equity Offering To Fund Apple Leisure Acquisition.

* The company estimates that the net proceeds from the offering, after underwriting discount and estimated expenses, to be about $500 million or $575 million if the underwriters exercise their option in full.

* The company intends to use the net proceeds of the offering to fund a portion of the purchase price for its pending acquisition of Apple Leisure Group.

* Price Action: H shares closed higher by 2.36% at $75.42 on Wednesday.