Sea Containers Unloads Hotel

The company prices an offering of its Orient-Express shares.
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Sea Containers (SCR.A) priced an offering of 8.61 million Class A common shares of Orient-Express Hotels (OEH) at $32 each.

If the underwriters fully exercise their overallotment option for an added 1.29 million shares, Sea Containers will no longer own any shares of Orient-Express. Sea Containers, a Bermuda-based passenger and freight carrier, plans to use the proceeds for repaying debt and general corporate purposes.

Orient-Express won't get any proceeds from the sale. Citigroup Global Markets, Merrill Lynch and Scotia Capital are the underwriters.

The Class A shares of Sea Containers were adding 14 cents to $12.14 Friday. Orient-Express fell 57 cents to $32.07.