ShoLodge starts tender for $7 million 7½% convertibles

New York, July 31 - ShoLodge, Inc. announced a cash tender offer for up to $7.0 million of its 7½% convertible subordinated debentures due 2004.

The Hendersonville, Tenn. company is offering to pay $730 per $1,000 principal amount of the convertibles.

The tender offer runs through midnight ET on Aug. 27.

ShoLodge said that if more than $7.0 million of the securities are tendered it will accept the securities on a pro rated basis.

At July 30 there was $54 million of the convertibles outstanding of which $41.537 million was owned by the company.

The securities convert at $23.31 per share. ShoLodge stock closed at $3.25 Thursday.

ShoLodge said it is making the tender offer to reduce its debt.

Because trading in the securities is limited, the company said it is unable to assess their market value.

SunTrust Bank is the depositary for the offer. For information contact Richard Johnson at ShoLodge (615 264-8000).

Full details at:

http://www.sec.gov/Archives/edgar/data/881924/000095014403009156/g84096exv99waw1wa.txt

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