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Published on 8/9/2017 in the Prospect News High Yield Daily and Prospect News Liability Management Daily.

FelCor Lodging gets OK to skip change-of-control offer for 6% notes

By Wendy Van Sickle

Columbus, Ohio, Aug. 9 – FelCor Lodging Trust Inc. subsidiary FelCor Lodging LP’s consent solicitation for its 6% senior notes due 2025 was successful with support from holders of $462,396,000, or 97.35%, of the notes, according to a company news release.

The consent solicitation will end at 5 p.m. ET on Aug. 9.

The issuer undertook the consent solicitation at the request and expense of RLJ Lodging Trust as part of RLJ’s plan to acquire FelCor.

FelCor solicited consents from noteholders of record as of 5 p.m. ET on July 31 to amend the indenture governing the notes to waive the issuer’s obligation to make a change-of-control offer and to add certain definitions relating to the merger.

A supplemental indenture has been entered into effecting the changes.

Consents were needed from the holders of a majority of the outstanding notes.

The issuer will pay a consent fee of $2.50 per $1,000 principal amount of notes.

The consent fee will only be paid once the merger is completed, which is expected to occur on or about Aug. 31.

The information agent is D.F. King & Co., Inc. (877 361-7972, 212 269-5550 or fch@dfking.com).

FelCor and RLJ are real estate investment trusts based in Irving, Texas, and Bethesda, Md., respectively, that own hotels.


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