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RLJ Lodging makes change-of-control offer for FelCor’s 5 5/8% notes
By Susanna Moon
Chicago, Sept. 19 – RLJ Lodging Trust said subsidiary FelCor Lodging LP began a change-of-control offer for its $525 million principal amount of 5 5/8% senior secured notes due 2023.
FelCor is offering to repurchase the notes at 101% of par plus accrued interest until 9 a.m. ET on Oct. 19.
The change-of-control offer is being made in connection with the merger between a wholly owned subsidiary of RLJ Lodging Trust, LP (RLJ LP) and FelCor, with FelCor surviving as a wholly owned subsidiary of RLJ LP, according to a company announcement.
As announced Sept. 1, RLJ LP’s Rangers Sub I, LLC assumed the obligations for FelCor’s 5 5/8% senior secured notes due 2023 and 6% senior unsecured notes due 2025 following the merger of the two companies.
The notes will remain outstanding under RLJ’s guarantee.
RLJ and FelCor are real estate investment trusts based in Bethesda, Md., and Irving, Texas, respectively, which own hotels.
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