FelCor Commences Tender Offers for Its Senior Floating Rate Notes Due 2011 and 7-5/8% Senior Notes Due 2007
17 Outubro 2006 - 10:02AM
PR Newswire (US)
IRVING, Texas, Oct. 17 /PRNewswire-FirstCall/ -- FelCor Lodging
Trust Incorporated (NYSE:FCH), one of the nation's largest hotel
real estate investment trusts (REITs), and its subsidiary FelCor
Lodging Limited Partnership (FelCor LP), today announced that on
October 16, 2006 FelCor LP commenced cash tender offers for all of
its $290 million aggregate principal amount of senior floating rate
notes due 2011 (Cusip No. 3143Q AS 6), which bear interest at LIBOR
plus 4.25% per annum (currently 9.57031%), and all of its $125
million aggregate principal amount of 7-5/8% senior notes due 2007
Cusip No. 313917AF3. In connection with the tender offers, FelCor
LP is also soliciting consents to proposed amendments to the
indentures governing the notes which will eliminate certain
covenants and events of default. Holders tendering their notes will
be required to consent to the proposed amendments. Each tender
offer is conditioned upon the valid tender of at least a majority
in aggregate principal amount of notes tendered on or prior to the
consent payment deadline and other specified conditions. Tendering
holders who validly tender their senior floating rate notes and
validly deliver their consents by the consent payment deadline,
which is October 30, 2006, will receive the total consideration of
$1,022.73, per $1,000 principal amount. The total consideration
includes a consent payment of $20.00 per $1,000 principal amount.
Holders who validly tender their senior floating rate notes and
validly deliver their consents after the consent payment deadline
and on or prior to the expiration of the tender offer on November
14, 2006, will only receive the tender consideration of $1,002.73
per $1,000 principal amount and will not receive the consent
payment. FelCor intends to fund the tender offer for the senior
floating rate notes with proceeds from the potential issuance of
senior debt in a private placement, cash on hand and borrowings
under an existing line of credit, to the extent necessary. The
closing of the private placement is a condition to the tender offer
for the senior floating rate notes due 2011. The consent payment
deadline will expire at 5:00 p.m., New York City time, on October
30, 2006, and the tender offer will expire at 5:00 p.m., New York
City time, on November 14, 2006, in each case unless extended or
earlier terminated by the Company. Following the consent payment
deadline, tenders of senior floating rate notes due 2011 and
delivery of consents will be irrevocable, except as required by
law. The terms and conditions of the offer to purchase and consent
solicitation for the senior floating rate notes due 2011, including
FelCor LP's obligation to accept the notes tendered and pay the
purchase price therefor, are set forth in FelCor LP's Offer to
Purchase and Consent Solicitation Statement dated October 16, 2006.
Tendering holders who validly tender their 7 5/8% senior notes due
2007 and validly deliver their consents by the consent payment
deadline, which is October 30, 2006, will receive the total
consideration of $1,017.62, per $1,000 principal amount. The total
consideration includes a consent payment of $20.00 per $1,000
principal amount. Holders who validly tender their 7 5/8% senior
notes due 2007 and validly deliver their consents after the consent
payment deadline and on or prior to the expiration of the tender
offer on November 14, 2006, will only receive the tender
consideration of $997.62 per $1,000 principal amount and will not
receive the consent payment. FelCor intends to fund the tender
offer for the 7 5/8% senior notes due 2007 with proceeds from a
potential senior secured debt financing. The closing of this
financing is a condition to the tender offer for the 7 5/8% senior
notes due 2007. The consent payment deadline will expire at 5:00
p.m., New York City time, on October 30, 2006, and the tender offer
will expire at 5:00 p.m., New York City time, on November 14, 2006,
in each case unless extended or earlier terminated by the Company.
Following the consent payment deadline, tenders of 7 5/8% senior
notes due 2007 and delivery of consents will be irrevocable, except
as required by law. The terms and conditions of the offer to
purchase and consent solicitation for the 7 5/8% senior notes due
2007, including FelCor LP's obligation to accept the notes tendered
and pay the purchase price therefor, are set forth in FelCor LP's
Offer to Purchase and Consent Solicitation Statement dated October
16, 2006. Copies of the documents can be obtained by contacting
MacKenzie Partners, Inc., the Information Agent for the tender
offer, at (212) 929-5500 (collect) and (800) 322-2885 (toll free).
Merrill Lynch & Co. is acting as Dealer Manager and
Solicitation Agent for the tender offers and consent solicitations.
Questions concerning the tender offers and the consent
solicitations may be directed to Merrill Lynch & Co. at
(212)449-4914 (collect) or (888)654-8637 (toll free). This press
release is not an offer to purchase or a solicitation of acceptance
of the offer to purchase, or a solicitation of consents, which may
be made only pursuant to the terms of the applicable offer to
purchase and consent solicitation statement and related letter of
transmittal. Those documents should be consulted for additional
information regarding delivery procedures and the conditions for
the tender offer. FelCor is the nation's largest owner of upscale,
all-suite hotels. FelCor's consolidated portfolio is comprised of
105 hotels, located in 27 states and Canada. FelCor owns 65 upper
upscale, all-suite hotels, and is the largest owner of Embassy
Suites Hotels(R) and Doubletree Guest Suites(R) hotels. FelCor's
hotels are flagged under global brands such as Embassy Suites
Hotels, Doubletree(R), Hilton(R), Sheraton(R), Westin(R) and
Holiday Inn(R). FelCor has a current market capitalization of
approximately $3.2 billion. With the exception of historical
information, the matters discussed in this news release include
"forward looking statements" within the meaning of the federal
securities laws. Forward looking statements are not guarantees of
future performance. Numerous risks and uncertainties, and the
occurrence of future events, may cause actual results to differ
materially from those currently anticipated. Certain of these risks
and uncertainties are described in our filings with the Securities
and Exchange Commission. Although we believe our current
expectations are based upon reasonable assumptions, we can give no
assurance that our expectations will be attained or that actual
results will not differ materially. DATASOURCE: FelCor Lodging
Trust Incorporated CONTACT: Andrew J. Welch, Chief Financial
Officer, +1-972-444-4982, or , or Monica L. Hildebrand, Vice
President of Communications, +1-972-444-4917, or , or Stephen A.
Schafer, Vice President of Investor Relations, +1-972-444-4912, or
, all of FelCor Lodging Trust Incorporated Web site:
http://www.felcor.com/
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