Strategic Hotels begins tender for all $180 million 3.5% exchangeables

By Devika Patel

Knoxville, Tenn., May 10 - Strategic Hotels & Resorts Inc. said it launched a cash tender offer for all $180 million of the 3.5% exchangeable senior notes due 2012 issued by its subsidiary, Strategic Hotel Funding, LLC.

The tender offer will expire at midnight ET on June 7.

The company will pay par plus accrued interest up to but excluding the payment date.

The tender offer is conditioned on the completion of a $200 million public offering of shares.

J.P. Morgan Securities Inc. (800 261-5767) and Deutsche Bank Securities Inc. (212 250-5600) are the joint dealer managers; Global Bondholder Services Corp. (866 389-1500) is the information agent and depositary.

Strategic is a Chicago-based real estate investment trust.

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