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NH Hotel starts 150 million tender for 6 7/8% notes via Deutsche
New York, March 20 NH Hotel Group, SAs 6 7/8% senior secured notes due 2019 are the subject of a 150 million tender offer announced Monday by Deutsche Bank AG, London Branch.
Deutsche is offering 107.9% of par for the notes plus accrued interest.
The offer will be capped at 150 million of the currently outstanding 250 million principal amount of the notes.
The tender ends at 12 p.m. ET on March 24. Settlement is planned for April 3.
If the target amount is not reached, NH Hotel plans to redeem sufficient notes after the tender ends to reach the 150 million level.
Funding will come from an offering of an add-on to NH Hotels 285 million of 3Ύ% senior secured notes due 2023.
Following settlement, NH Hotel and Deutsche will exchange notes accepted for purchase in the tender for new notes.
Deutsche Bank AG, London Branch (+44 20 7545 8011 or liability.management@db.com) is dealer manager. Lucid Issuer Services Ltd. (+44 20 7704 0880 or nh@lucid-is.com) is tender agent.
The tender is being carried out under Regulation S but if there is a subsequent redemption it will also include Rule 144A notes.
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