Lone Star Fund extends tender offer for shares of Accredited Home Lenders

By Lisa Kerner

Charlotte, N.C., July 17 - Lone Star Fund V (U.S.), LP subsidiary LSF5 Accredited Investments, LLC extended its tender offer for all outstanding shares of common stock of Accredited Home Lenders Holding Co. to midnight ET on July 31 from July 16.

State regulatory approvals required to close the offer have not been received, a company news release stated.

Lone Star said 5,341,270 shares, or some 21%, of Accredited Home Lenders' stock had been tendered as of July 16.

Piper Jaffray & Co. is the dealer-manager for the tender offer, and Georgeson Inc. is the information agent.

As previously reported, Accredited Home Lenders agreed to be acquired by the Lone Star Fund affiliate for $15.10 per share in an all-cash transaction valued at $400 million. The outstanding 9¾% series A perpetual cumulative preferred shares of Accredited Mortgage Loan REIT Trust will remain outstanding.

The transaction is slated to close in the third quarter of 2007.

Accredited Home Lenders is a San Diego mortgage company, and Accredited Mortgage Loan REIT Trust is a Maryland real estate investment trust formed in May 2004. Lone Star is a Dallas private equity firm.

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