TRT Holdings investing in Guaranty Financial Group |
| CNNMoney.com - May 27, 2008 |
Guaranty Financial Group Inc. said Tuesday a unit of private equity firm TRT Holdings Inc. is buying $38.4 million in common stock, and plans to buy more shares, eventually giving it a 19.9 percent stake in the regional bank.
TRT Holdings _ which is run by billionaire Robert Rowling and owns Omni Hotels and Gold's Gym _ will receive about 7.4 million shares of common stock at a price of $5.17 per share for the investment. The price represents a 5 percent discount from Friday's closing price of $5.43.
Four months after the closing of the common stock sale, TRT will purchase convertible preferred stock that will give the private equity firm a 19.9 percent stake in Guaranty Financial Group, assuming full conversion of the preferred stock.
Guaranty Financial Group's shareholders must approve the preferred stock sale before it is completed.
Read Full Article from CNNMoney.com
- Posted: 2008-05-27 08:31:13
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