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Article: Servico, Inc. Announces Public Stock Offering.
- Article from:
- Business Wire
- Article date:
- May 19, 1997
CopyrightCOPYRIGHT 1997 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WEST PALM BEACH, Fla.--(BUSINESS WIRE)--May 19, 1997--Servico, Inc. (ASE:SER), a nationwide owner and operator of full service hotels, announced that on May 16, 1997 it filed with the Securities and Exchange Commission a registration statement for an underwritten public offering of 10,000,000 shares of Common Stock to be sold by the Company. The Company intends to use the net proceeds of the offering primarily to retire outstanding debt.
Servico also granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of Common Stock for the purpose of covering over allotments, if any. The offering will be made through an underwriting ...