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Extended Stay America guides $500 million tap of 5¼% notes at 98.5; pricing Friday
By Paul A. Harris
Portland, Ore., March 11 – Extended Stay America, Inc. and its subsidiary ESH Hospitality, Inc. plan to price a $500 million add-on to their 5¼% senior notes due May 1, 2025 on Friday, according to a market source.
Initial guidance has the deal pricing at 98.5, according to a trader.
Joint bookrunner J.P. Morgan Securities LLC will bill and deliver for the Rule 144A and Regulation S offering.
The syndicate of mangers also includes Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co., Barclays, BofA Merrill Lynch, Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, Macquarie Capital and Blackstone.
The notes become callable on May 1, 2020 at 102.625.
The Charlotte, N.C.-based lodging real estate investment trust plans to use the proceeds, together with cash on hand, to repay its term loan and a portion of its mortgage loan.
The original $500 million issue price on May 1, 2015.
The new notes will become fungible with the original notes.
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