FS Acquisition gets tenders for 99.8% of Four Seasons' 1.875% convertibles

By Angela McDaniels

Seattle, April 26 - FS Acquisition Corp. said it purchased $249.502 million, or 99.8%, of Four Seasons Hotels Inc.'s $250 million 1.875% convertible senior notes due 2024 during a tender offer that expired on April 25.

Tendering noteholders received $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 total purchase price was $309,981,284.80, and $498,000 of the notes remains outstanding, according to a company new release.

The offer was extended from April 24 and, previously, from April 23.

Previously, the Toronto-based luxury hotel operator said it 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.

The offer was not conditioned on any minimum number of convertibles being tendered, but it was 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) was 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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