FelCor Prices Senior Notes Offering
27 Abril 2011 - 3:20PM
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 priced its $525 million
senior secured notes offering. The senior secured notes will bear
an interest rate of 6.75% and mature in 2019. The proceeds of the
offering will be placed in escrow, when the transaction settles, on
May 10, 2011, until the pending acquisition of Royalton and Morgans
is completed, which is expected to occur prior to June 1. At that
time, the notes will be assumed by FelCor LP and the proceeds will
be released from escrow.
As previously disclosed, on April 1, 2011, FelCor sold 27.6
million shares of its common stock for aggregate net proceeds of
approximately $159.0 million. FelCor intends to use the net
proceeds from the $525 million senior notes offering, together with
the proceeds from the equity offering for the following
purposes:
- Fund the $140 million acquisition of
Royalton and Morgans;
- Redeem up to $144.5 million of the
outstanding 10% Notes, which have an effective yield of 12.875%
(using proceeds from the equity offering);
- Repay borrowings under the line of
credit, which had a balance of $145 million as of March 31;
- Retire the remaining 9% notes that
mature on June 1, 2011, which have a balance of $46 million;
- Repay other high interest rate mortgage
debt and unencumber hotels; and
- Fund future acquisitions in the
Company’s target markets.
Pending permanent application of the net proceeds from the
offerings, they may be invested in short-term, interest bearing
investments.
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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