RFS Partnership starts roadshow for $125 million 10-year notes Tuesday

By Paul A. Harris

St. Louis, Mo., Feb. 8 - RFS Partnership, LP will go on the road starting Tuesday to promote its offering of $125 million of senior notes due 2012 (expected ratings B2/B), a syndicate source told Prospect News.

The deal is expected to price on Feb. 21.

Credit Suisse First Boston, and Banc of America Securities are joint bookrunners for the Rule 144A deal. CIBC World Markets, PNC Capital Markets, and Morgan Keegan are co-managers.

The notes are non-callable for five years. Proceeds will be used to redeem commercial mortgage notes and to repay bank debt.

RFS Partnership, LP is the operating partnership of the Memphis, Tenn.-based lodging real estate investment trust, RFS Hotel Investors, Inc. It owns interests in 60 hotels with 8,689 rooms located in 24 states. Its full-service hotels include The Sheraton, Holiday Inn, Independent, Sheraton Four Points and Hilton Doubletree. The limited-service properties include the Hampton Inn, Holiday Inn Express, Comfort Inn, and Courtyard by Marriott. Its extended-stay hotels are Residence Inn by Marriott, TownePlace Suites by Marriott, and Homewood Suites by Hilton.

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