FelCor Announces Proposed Senior Notes Offering
26 Abril 2011 - 8:22AM
Business Wire
FelCor Lodging Trust Incorporated (NYSE: FCH) and its subsidiary
FelCor Lodging Limited Partnership ("FelCor LP"), today announced
that FelCor LP’s wholly-owned subsidiary intends to offer, subject
to market conditions, $500 million of senior secured notes. The
senior secured notes will be offered to qualified institutional
buyers pursuant to Rule 144A under the Securities Act of 1933, as
amended (the "Securities Act"), and to persons outside the United
States under Regulation S of the Securities Act. The pricing and
terms are to be determined. The proceeds of the offering will be
placed in escrow pending FelCor LP’s acquisition of Royalton and
Morgans, at which time the notes will be assumed by FelCor LP and
the proceeds will be released from escrow. If the notes are not
assumed by FelCor LP within 60 days following the closing, the
issuer will redeem the notes at par, plus accrued and unpaid
interest.
FelCor intends to use the net proceeds from the offering to fund
the pending acquisition of Royalton and Morgans in midtown
Manhattan and otherwise for general corporate purposes (including,
among other things, repaying existing indebtedness and funding
future hotel acquisitions). Pending application of the net
proceeds, they may be invested in short-term, interest bearing
investments.
The notes will not be registered under the Securities Act and
may not be offered or sold in the United States absent registration
or an applicable exemption from the registration requirements.
This press release shall not constitute an offer to sell or a
solicitation of an offer to purchase these securities, and shall
not constitute an offer, solicitation or sale in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful. This press release is being issued pursuant to and in
accordance with Rule 135c under the Securities Act.
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 greater detail in our filings with the Securities and Exchange
Commission. Although we believe our current expectations to be
based upon reasonable assumptions, we can give no assurance that
our expectations will be attained or that actual results will not
differ materially. We undertake no obligation to update any
forward-looking statement to conform the statement to actual
results or changes in our expectations.
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