| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tenders 2009 > News item |
FelCor Lodging subsidiary starts tender offers for 8½% notes, floaters
By Angela McDaniels
Tacoma, Wash., Sept. 17 - FelCor Lodging Trust Inc. said its subsidiary, FelCor Lodging LP, has begun tender offers for its $215 million principal amount of floating-rate senior secured notes due 2011 and $300 million principal amount of 8½% senior notes due 2011.
The subsidiary is also soliciting consents to proposed amendments to the indentures governing the notes that would eliminate substantially all of the restrictive covenants and some event-of-default provisions, according to a company news release.
Holders who tender their notes will be required to consent to all of the proposed amendments.
Additionally, if holders of at least two-thirds of floating-rate notes consent, the collateral securing those notes will be released.
The tender offers and consent solicitations will expire at 11:59 p.m. ET on Oct. 15.
The company is offering par for notes, which includes a consent payment of $20 for each $1,000 principal amount of notes tendered by the consent date of 5 p.m. ET on Sept. 30.
The tender offer for the 8½% notes is conditioned on the tender of at least a majority of the outstanding notes by the consent date, the tender of at least 90% of the notes by the expiration date and the consummation of the tender offer for the floating-rate notes.
The tender offer for the floating-rate notes is conditioned on the tender of at least a majority of the outstanding notes by the consent date and the consummation of the tender offer for the 8½% notes.
Both offers are also conditioned on the consummation of a refinancing transaction that, in addition to cash on hand, produces enough proceeds to purchase the tendered notes.
The dealer manager and solicitation agent is J.P. Morgan Securities Inc. (212 270-3994 or 800 245-8812), and the information agent is Global Bondholder Services Corp. (212 430-3774 for banks and brokers, others call 866 470-4300).
FelCor is an Irving, Texas-based real estate investment trust that owns upscale, all-suite hotels.
© 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.