FelCor Prices Senior Unsecured Notes Offering
25 Junho 2004 - 11:05AM
PR Newswire (US)
FelCor Prices Senior Unsecured Notes Offering IRVING, Texas, June
25 /PRNewswire-FirstCall/ -- FelCor Lodging Trust Incorporated
(NYSE:FCH), 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 has agreed
to issue and sell $115 million in aggregate principal amount of
senior floating rate notes due 2011 in a private placement 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 notes will be sold at par, less a sales
discount, will bear interest, adjusted semi-annually, at the
six-month LIBOR rate plus 4.25% and will become callable on or
after December 1, 2006. The notes are an add-on to the $175 million
aggregate principal amount of senior floating rate notes due 2011
issued by FelCor LP in May 2004. The proceeds of the sale of the
notes and a portion of FelCor's available cash will be used to fund
an offer to purchase up to $115 million aggregate principal amount
of FelCor LP's outstanding 9 1/2% senior notes due 2008 (Cusip No.
31430Q AG 2). The purpose of the offering and the related tender
offer is to further improve FelCor's financial leverage, reduce
interest expense and extend debt maturities. The notes to be
offered by FelCor LP 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. 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 $3.1 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 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. 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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