JQH receives consents to amend John Q. Hammons 8 7/8% notes

New York, Sept. 9 - JQH Finance, LLC said received the necessary consents to amend the $499.0 million principal amount of series B 8 7/8% first mortgage notes due 2012 issued by John Q. Hammons Hotels, LP and John Q. Hammons Hotels Finance Corp. III, affiliates of John Q. Hammons Hotels, Inc.

By the consent deadline of 5 p.m. ET on Sept. 9, JQH had received consents for $493 million or 98.83% of the notes.

JQH previously said on Sept. 6 it had fixed pricing in its tender offer for the notes at $1,111.74 per $1,000 principal amount, including a consent payment of $30.00. The price assumes a settlement date of Sept. 27.

Pricing was fixed at 2 p.m. ET on Wednesday using a spread of 50 basis points over the bid-side yield of the 3 1/8% U.S. Treasury note due May 15, 2007.

The offer ends at 10 a.m. ET on Sept. 26.

The consent solicitation is to amend the note indenture.

As announced on Aug. 26, JQH is carrying out the tender as part of its acquisition of John Q. Hammons.

Goldman, Sachs & Co. is dealer manager and solicitation agent (800 828-3182). Global Bondholder Services Corp. is information agent and depositary (866 873-6300).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.