FelCor Amends Tender Offer for Its 9 1/2% Senior Notes Due 2008
17 Maio 2004 - 7:13PM
PR Newswire (US)
FelCor Amends Tender Offer for Its 9 1/2% Senior Notes Due 2008
IRVING, Texas, May 17 /PRNewswire-FirstCall/ -- FelCor Lodging
Trust Incorporated , the nation's second largest lodging real
estate investment trust (REIT), and its subsidiary FelCor Lodging
Limited Partnership (FelCor LP), today announced that FelCor LP is
amending its cash tender offer, initially announced on May 11,
2004, to reduce the amount it is willing to purchase from $475
million to $275 million in aggregate principal amount of FelCor
LP's outstanding 9 1/2% senior notes due 2008 (Cusip No. 31430Q AG
2), which currently bear interest at a rate of 10% per annum.
FelCor intends to fund the tender offer with the net proceeds from
a private placement of $175 million aggregate principal amount of
senior floating rate notes due 2011, and its excess cash. The
tender offer is conditioned upon the valid tender of at least $175
million aggregate principal amount of 9 1/2% senior notes due 2008
on or prior to the early tender date, which is Monday, May 24,
2004, and other general conditions. Tendering holders who validly
tender their notes by the early tender date, will receive the total
consideration of $1,072.05 per $1,000 principal amount of the 9
1/2% senior notes due 2008. The total consideration includes an
early tender premium of $20.00 per $1,000 principal amount of 9
1/2% senior notes due 2008. Holders who validly tender their notes
after the early tender date and on or prior to the expiration of
the tender offer on June 8, 2004, will only receive the tender
consideration of $1,052.05 per $1,000 principal amount and will not
receive the early tender premium. The early tender date will expire
at 5:00 p.m. New York City time, on Monday, May 24, 2004, and the
tender offer will expire at 12:00 midnight, New York City time, on
Tuesday, June 8, 2004, in each case unless extended or earlier
terminated by the Company. Copies of the tender offer materials 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). Deutsche Bank Securities Inc. is acting as
Dealer Manager for the tender offer. Questions concerning the
tender offer may be directed to Deutsche Bank Securities Inc. at
(212) 250-4270. This press release is not an offer to purchase nor
a solicitation of acceptance of the offer to purchase, which may be
made only pursuant to the terms of the offer to purchase 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 second
largest lodging REIT and the largest owner of full service,
all-suite hotels. FelCor's consolidated portfolio is comprised of
155 hotels, located in 33 states and Canada. FelCor owns 71
upscale, all-suite hotels, and is the owner of the largest number
of Embassy Suites Hotels(R) and Doubletree Guest Suites(R) hotels
in the U.S. FelCor's portfolio also includes 73 hotels in the
upscale and full service segments. FelCor has a current market
capitalization of approximately $3.0 billion. Additional
information can be found on the Company's Web site at
http://www.felcor.com/ . 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, Senior Vice President
and Treasurer, +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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