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Four Seasons gets debt commitment from Citi, JPMorgan to back buyout
By Sara Rosenberg
New York, Feb. 12 - Four Seasons Hotels Inc. has received debt financing commitments from Citigroup and JPMorgan to help back its leveraged buyout by Cascade Investment, LLC, Kingdom Hotels International, and chairman and chief executive officer, Isadore Sharp, according to a news release.
Under the agreement, Four Seasons' shareholders will get $82.00 per share. The acquisition values Four Seasons at $3.8 billion, including debt.
The transaction is expected to be completed in the second quarter, subject to shareholder approval, Ontario Superior Court of Justice approval, and other customary conditions, including receipt of a limited number of regulatory approvals. The transaction is not subject to any financing condition.
A meeting of shareholders to consider the arrangement is anticipated to take place in April.
Four Seasons is a Toronto-based manager of luxury hotels and resorts.
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