NEW YORK, Dec. 13, 2010
/PRNewswire-Asia/ -- Home Inns & Hotels Management Inc.
(NASDAQ: HMIN) today announced that it proposes to offer
$160 million in aggregate principal
amount of convertible senior notes due 2015 through a convertible
notes offering. The interest rate, conversion price and other terms
of the notes will be determined at the time of pricing of the
offering. The Company intends to grant to the initial purchasers a
30-day option to purchase up to an additional US$24 million of the convertible senior notes to
cover over-allotments, if any.
Home Inns & Hotels Management Inc. intends to use the net
proceeds from this offering for new business development,
investments in complementary businesses and assets, strategic
acquisitions and for general corporate purposes.
The notes will be offered to (1) qualified institutional buyers
pursuant to Rule 144A under the United States Securities Act of
1933, as amended (the "Securities Act"), and (2) investors outside
the United States in compliance
with Regulation S under the Securities Act. The notes and the ADSs
into which such notes may be convertible have not been registered
under the Securities Act or any state securities laws and, unless
so registered, may not be offered or sold in the United States except pursuant to an
exemption from the registration requirements of the Securities Act
and applicable state laws.
This press release shall not constitute an offer to sell or a
solicitation of an offer to purchase any of these securities, and
shall not constitute an offer, solicitation or sale of the shares
of notes in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful.
This press release contains information about the pending
convertible senior notes offering, and there can be no assurance
that the offering will be completed.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. In some cases,
forward-looking statements can be identified by words or phrases
such as "may," "will," "expect," "anticipate," "target," "aim,"
"estimate," "intend," "plan," "believe," "potential," "continue,"
"is/are likely to" or other similar expressions. Home Inns &
Hotels Management Inc. (the "Company") may also make written or
oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about the Company's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: our anticipated growth strategies; our future business
development, results of operations and financial condition; our
ability to attract customers and leverage our brand; trends and
competition in the lodging industry; our ability to develop new
hotels at desirable locations in a timely and cost-effective
manner; changes in national, regional or local economic conditions;
the attractiveness of our hotels to customers and competition from
other hotels; our ability to generate sufficient cash flow from
operations and/or obtain outside financing; tourist behavior
related to spending; local market conditions such as an oversupply
of, or a reduction in demand for, hotel rooms; and our future
business development, results of operations and financial
condition. Further information regarding these and other
risks is included in our Annual Report on Form 20-F filed on
April 21, 2010 and other documents
filed with the Securities and Exchange Commission. The Company does
not undertake any obligation to update any forward-looking
statement, except as required under applicable law. All
information provided in this press release is as of the date of
this release, and the Company undertakes no duty to update such
information, except as required under applicable law.
For further information, please
contact:
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Ethan Ruan
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Home Inns & Hotels Management Inc.
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Tel: +86-21-3401-9898 x2004
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Email: zjruan@homeinns.com
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Tom Evrard
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FD Beijing
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Tel: +86-10-8591-1951
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Email: tom.evrard@fd.com
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SOURCE Home Inns & Hotels Management Inc.