LodgeNet Prices 2.16 Million Common Shares
March 21, 2010 (FinancialWire) — LodgeNet Interactive Corp. (NASDAQ: LNET) has priced a public offering of 2.16 million shares of its common stock at a price of $6 per share. Craig-Hallum Capital Group, LLC acted as underwriter for the offering.
The offering of shares is scheduled to close on March 22, 2010. After deducting fees and expenses, LodgeNet will receive around $11.9 million in net proceeds from the sale. The underwriter has been granted an option to purchase up to an additional 324,000 shares to cover over-allotments, which, if exercised, will generate an additional $1.8 million of net proceeds.
LodgeNet plans to use 50% of the net proceeds from the offering to accelerate deployment of its new high-definition interactive system into select hotels. The company said it is required to apply 50% of the net proceeds against its bank credit facility.
South Dakota-based LodgeNet Interactive is a provider of media and connectivity solutions designed to meet the needs of hospitality, healthcare and other guest-based businesses.
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