La Quinta Properties $250 million eight-year notes talked at 8¾%-9%, pricing Friday

By Paul A. Harris

St. Louis, March 13 - Price talk of 8¾%-9% emerged Thursday on La Quinta Properties, Inc.'s upcoming $250 million of eight-year senior notes (Ba3/BB-/BB-), according to a market source.

The deal is expected to price on Friday, the source added.

Lehman Brothers is the bookrunner. CIBC World Markets, Fleet Securities and JP Morgan are co-managers.

The Rule 144A notes are non-callable for four years.

Proceeds will be used to help fund the company's tender offer for its existing notes and repay bank debt.

The issuer is a subsidiary of La Quinta Corp., a Dallas-based lodging company.

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