Four Seasons extends tender for 1.875% convertibles

By Jennifer Chiou

New York, April 20 - FS Acquisition Corp. announced that it is prolonging its cash tender offer for any and all of Four Seasons Hotels Inc.'s $250 million of 1.875% convertible senior notes due 2024.

The Toronto luxury hotel operator said that the offer will now end at 5 p.m. ET on April 24, pushed back from April 23.

As of 4 p.m. ET on April 20, the company said it received tenders of $70.178 million of notes.

Because of the extension, prior tenders may be withdrawn.

FS Acquisition is owned by Triples Holdings Ltd. and affiliates of Kingdom Hotels International and Cascade Investment, LLC.

If the company's plan to be taken private by affiliates of Cascade Investment closes on April 25, Four Seasons will pay $1,242.40 per $1,000 principal amount of convertibles, which is equal to the $1,241.40 conversion amount plus the $1.00 tender offer premium.

The offer is not conditioned on any minimum tender, but is subject to FS Acquisition receiving satisfactory terms of the final order from the Superior Court of Justice (Ontario).

Global Bondholder Services Corp. is the information agent and depositary (866 470-3800 or call collect 212 430-3774).

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