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La Quinta to bring new senior notes to fund tender
By Paul A. Harris
St. Louis, March 5 - La Quinta Corp. announced Wednesday a senior note offering of at least $110 million with part of the proceeds to fund a tender offer for four series of existing notes.
The Dallas lodging company did not disclose the size of the deal but said the tender for two of the series of existing notes is conditional on at least $110 million in proceeds being raised from the new deal and the tenders for the remainder are conditional on the offering raising sufficient proceeds above $150 million to fund the tender.
La Quinta also did not reveal timing, underwriter or other information about the new note offering.
The dealer manager for the tender offer is Lehman Brothers, according to a news release.
The tender offer is being made by La Quinta Properties, Inc. and is for its $90.449 million 7.82% notes due 2026 and putable, its $16.111 million principal amount of 7.51% medium-term notes due 2003 and $63.915 million principal amount of 7.25% senior notes due 2004 and its $93.634 million outstanding 7.114% exercisable put option securities (X-POS securities) due 2004. (For full details of the tender, see the tenders and redemptions section elsewhere in this issue.)
The tender for the 2026 notes and medium-term notes is conditional on at least $110 million of proceeds being raised from the new deal. The offer for the 2004 notes is conditional on enough proceeds above $150 million to fund the tender and the offer for the X-POS securities is conditional on enough proceeds above $150 million to fund the tender for these securities and the 2004 notes.
The tender expires on April 1.
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