Stock Offerings: Strategic Hotels & Resorts

NEW YORK (TheStreet) -- Strategic Hotels & Resorts (BEE) was one of several companies to announce public offerings after the market rallied sharply higher during the previous session.

Strategic Hotels & Resorts said late Monday it will offer 40 million shares of common stock, with net proceeds to be used to fund its debt exchange offer for any and all outstanding 3.50% exchangeable senior notes due 2012. Strategic Hotels & Resorts said it expects to grant underwriters an option to purchase up to 6 million additional shares to cover overallotments, if any.

Strategic Hotels & Resorts shares tumbled on the announcement, falling 12.7% to $5.18.

Several other stocks were falling on secondary offering announcements. Jazz Pharmaceutcals (JAZZ) fell 8.2% to $8.32 after the company priced an offering of 7 million shares of its common stock at $8.35 per share. Net proceeds from the offering to repay a portion of its outstanding senior secured notes, Jazz Pharmaceuticals said.

Rocky Brands (RCKY) dropped 10.6% to $8.18 after the footwear maker priced an offering of 1.8 million shares of common stock at $8.40 per share. Rocky Brands has granted underwriters the option to purchase up to an additional 270,000 shares to cover overallotments, if any. Rocky Brands said net proceeds of $14.1 million will be used to repay long-term debt.

Getty Realty (GTY) shares were down 5% to $22.87 after the company said it will offer 4.5 million shares of common stock, with net proceeds to be used for the acquisition of properties in the gas station and convenience store sector, repayment or refinancing of outstanding indebtedness under its credit agreement. Underwriters were granted a 30-day option to buy up to an additional 675,000 shares to cover overallotments.

SCANA Corp. (SCG) said it intends to offer 7.15 million common shares, with net proceeds to be used for the financing of capital expenditures, including the construction of new nuclear units, and for other general corporate purposes. Underwriters were granted the option to purchase up to 1.07 million additional shares to cover overallotments, if any.

SCANA shares slipped 2% to $37.46 on the announcement.

Meanwhile, Evans Bancorp (EVBN) slipped 0.4% to $12.37 after the company priced its public offering of 1.12 million shares of common stock at a price of $12 per share. Underwriters were granted a 30-day option to purchase up to an additional 97,000 shares of common stock to cover overallotments.