By Paul A. Harris
St. Louis, June 24 - FelCor Lodging LP priced a $115 million add-on to its senior floating-rate notes due June 1, 2011 (B1/B-) at par in a quick-to-market Thursday transaction. The yield remains at six-month Libor plus 425 basis points.
Deutsche Bank Securities ran the books for the Rule 144A add-on.
Proceeds will be used to fund the tender for the remaining portion of the 9½% senior notes due 2008.
The issuer is an Irving, Texas-based lodging real estate investment trust.
The original $175 million issue, which had been downsized from $350 million, priced on May 17, 2004.
| Issuer: | FelCor Lodging LP
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| Amount: | $115 million
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| Security description: | Add-on to the senior floating-rate notes
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| Maturity: | June 1, 2011
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| Bookrunner: | Deutsche Bank Securities
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| Coupon: | Six-month Libor plus 425 basis points
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| Price: | Par
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| Yield: | Six-month Libor plus 425 basis points
|
| Call features: | Callable after Dec. 1, 2006 at 102, 101, par on or after June 1, 2008
|
| Equity clawback: | Until June 1, 2007 for 35% at par plus the applicable coupon
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| Pricing date: | June 24
|
| Settlement date: | July 6
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B-
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