FS Acquisition extends tender offer for Four Seasons' 1.875% convertibles

By Angela McDaniels

Seattle, April 23 - FS Acquisition Corp. extended its tender offer for Four Seasons Hotels Inc.'s $250 million 1.875% convertible senior notes due 2024 to 5 p.m ET on April 25 from April 24, according to a company news release.

The offer was previously extended from April 23.

The company had received tenders for $155.759 million of the notes as of April 23, up from $70.178 million on April 20.

Because of the extension, prior tenders may be withdrawn.

The Toronto-based luxury hotel operator now expects its plan to be taken private by affiliates of Cascade Investment LLC, Kingdom Hotels International and Four Seasons chairman and chief executive officer Isadore Sharp to close on April 26.

If so, tendering noteholders will receive $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. If the plan does not close on April 26, the tender consideration will be adjusted.

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

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

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

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