FelCor To Issue New Debt, Pay Off 2011 Notes
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FCH
IRVING, Tex. (AP) — FelCor Lodging Trust Inc., a real estate investment trust, said Thursday that a subsidiary plans to raise $530 million in new debt and proceeds will be used to pay off debt due in 2011.
FelCor Lodging Limited Partnership will offer senior secured notes to qualified institutional buyers. Pricing and terms will be determined later. The funds, after expenses, will be used to pay off $215 million in senior secured notes carrying a floating rate and $300 million in senior secured notes with an interest rate of 8.5 percent. Both come due in 2011. FelCor said it would tap into internal cash reserves if needed to pay off the debt.- Loading Comments...
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