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S&P may cut Extended Stay
Standard & Poor's said it placed its BB- corporate credit rating, BB- senior unsecured debt and other ratings on Extended Stay America Inc. on CreditWatch with negative implications.
S&P said the CreditWatch listing reflects the planned acquisition of Extended Stay America by affiliates of The Blackstone Group for $19.625 per share, or a total value of more than $3.1 billion including debt. The transaction is expected to close during the second quarter of 2004, subject to shareholder approval and other customary conditions.
Blackstone plans to finance the transaction with an about $2.7 billion credit facility. Extended Stay America's existing credit facility will be repaid, and the company expects to tender for the outstanding subordinated debt issues.
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