FelCor Receives Requisite Consents to Amend Indentures
30 Setembro 2009 - 10:07AM
Business Wire
FelCor Lodging Trust Incorporated (NYSE: FCH) and its subsidiary
FelCor Lodging Limited Partnership (“FelCor LP”), today announced
that, pursuant to the previously announced cash tender offers and
consent solicitations for any and all of FelCor LP’s outstanding
senior secured floating rate notes due 2011 (the “Floating Rate
Notes”) and 8½% senior notes due 2011 (the “8½% Notes”), as of 5:00
p.m., New York City time, on Tuesday, September 29, 2009, it had
received consents from holders of a majority in principal amount of
the outstanding Floating Rate Notes and a majority in principal
amount of the outstanding 8½% Notes to amend the respective
indentures governing the notes, which amendments will eliminate
substantially all of the restrictive covenants and certain event of
default provisions contained in such indentures.
As a result, FelCor LP executed supplemental indentures dated
September 29, 2009 incorporating the amendments with the applicable
trustee under each indenture, as described in the applicable Offer
to Purchase and Consent Solicitation Statement, each dated
September 17, 2009 (each, an “Offer to Purchase”). However, the
amendments will not become operative unless and until the validly
tendered notes are purchased by FelCor LP. As provided in the
Offers to Purchase, any notes previously tendered and not validly
withdrawn prior to the execution of the supplemental indentures,
and any notes tendered following the execution of the supplemental
indentures, may not be withdrawn, except as may otherwise be
required by law.
Any holders of notes who validly tender their notes and validly
deliver their consents prior to the consent payment deadline of
5:00 p.m., New York City time, on September 30, 2009 (the “Consent
Date”), will receive, promptly after acceptance for purchase by
FelCor LP, the total consideration of $1,000 per $1,000 principal
amount of notes, which includes a consent payment of $20 per $1,000
principal amount of notes, plus any accrued and unpaid interest up
to, but not including, the settlement date.
The tender offers are scheduled to expire at 11:59 p.m., New
York City time, on October 15, 2009, unless extended (the
“Expiration Date”). Any holders of notes who validly tender their
notes after the Consent Date, but at or prior to the Expiration
Date, will receive, promptly after acceptance for purchase by
FelCor LP, $980 for each $1,000 principal amount of the notes
validly tendered, plus any accrued and unpaid interest up to, but
not including, the settlement date. Any notes not validly tendered
pursuant to the tender offers will remain outstanding and the
holders thereof will be subject to the terms of the applicable
supplemental indenture, even though they did not consent to the
amendments.
J.P. Morgan Securities Inc. 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 J.P. Morgan at (212) 270-3994
(collect) or (800) 245-8812 (toll free).
This press release is not an offer to purchase, a solicitation
of, or acceptance of, the offers to purchase, or a solicitation of
consents, which may be made only pursuant to the terms of the
applicable Offer to Purchase and related consent and letter of
transmittal. Those documents should be consulted for additional
information regarding delivery procedures and the conditions for
the tender offer.
FelCor, a real estate investment trust, is the nation’s largest
owner of upper upscale, all-suite hotels. FelCor owns interests in
87 hotels and resorts, located in 23 states and Canada. FelCor’s
portfolio consists mostly of upper upscale hotels, which are
flagged under global brands - Embassy Suites Hotels®, Doubletree®,
Hilton®, Marriott®, Renaissance®, Sheraton®, Westin® and Holiday
Inn®.
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