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Four Seasons calls all $215.5 million LYONs
Pittsburgh, Aug. 23 - Four Seasons Hotels Inc. will redeem all $215.5 million of its outstanding zero-coupon Liquid Yield Option Notes due 2029 for $328.73 per $1,000 principal amount at maturity, according to a company news release.
The redemption price includes the issue price plus interest accrued to the Sept. 23 redemption date.
The company intends to fund the redemption with cash on hand.
Holders may convert their LYONs into limited voting shares of Four Seasons before the close on Sept. 23 at a conversion rate of 5.284 shares per $1,000 principal amount of LYONs, the release said. Cash will be paid in lieu of fractional shares.
Four Seasons noted it has the right to pay an equivalent amount in cash instead of stock to holders who choose to convert.
The shares closed at $57.27 on Friday.
Four Seasons is a Toronto-based operator of luxury hotels.
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