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ShoLodge completes tender for 9¾% and 9.55% notes
New York, Oct. 7 - ShoLodge, Inc. (Caa3/CC) said that it has completed its previously announced tender offer to purchase a portion of its senior subordinated notes at a purchase price of $850 per $1,000 principal amount.
The company said that as of the offer expiration, it had received and accepted tenders for $5.293 million principal amount of the notes, consisting of $2.753 million Series A notes, $2.088 million Series B notes, $251,000 series A-1 notes and $201,000 Series B-1 notes.
As previously announced, ShoLodge, a Hendersonville, Tenn.-based lodging company, said on Oct. 7 that it had begun a cash tender offer to purchase up to $10 million aggregate principal amount of its outstanding series A, A-1, B and B-1 notes.
It said the tender offer, which began on Oct. 6, would expire at 5 p.m. ET on Oct. 31, subject to possible extension, and that tendered notes could be withdrawn at any time prior to the expiration date. ShoLodge said it would purchase the notes for a cash price of $850 per $1,000 principal amount. If the amount tendered were to exceed $10 million principal amount, the company would accept the tendered notes on a pro rata basis.
ShoLodge issued $30 million of the series A and A-1 9¾% senior subordinated notes due 2006 in November 1996 and $35 million of the series B and B-1 9.55% senior subordinated notes due 2007 in September 1997. As of July 13, it had $25.5 million of the 9¾% notes and $18.7 million of the 9.55% notes outstanding, according to a filing with the Securities and Exchange Commission.
Deutsche Bank Trust Co. Americas was the depositary for this offer. Additional information concerning the terms of the tender may be obtained by contacting ShoLodge at 615 264-8000.
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