FelCor Announces the Pricing for the Redemption of Its $175 Million of Senior Notes Due 2004
June 07 2004 - 12:38PM
PR Newswire (US)
FelCor Announces the Pricing for the Redemption of Its $175 Million
of Senior Notes Due 2004 IRVING, Texas, June 7
/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 set the price for the previously
announced redemption of all $175 million in principal amount of
outstanding 7-3/8% Senior Notes due 2004 of FelCor LP. The
redemption price was determined to be $1,018.13 per $1,000 of
principal amount, excluding accrued interest. The redemption price
was calculated in accordance with the terms of the Indenture
governing the notes, based on a benchmark treasury yield of 1.25%
as of June 4, 2004, plus a fixed spread of 25 basis points.
Settlement will occur on June 9, 2004, for a total of $1,032.07 per
$1,000 of principal amount, including 68 days of accrued interest.
Pursuant to the terms of the Indenture governing the notes,
Citigroup was selected, and acted, as the independent investment
banker for the selection of the comparable U.S. Treasury security
and furnished the quoted prices for such U.S. Treasury security to
the trustee in order to calculate the redemption price. 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 FelCor'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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