JQH Finance, LLC Announces Tender Offer Yield for John Q. Hammons Hotels, L.P. and John Q. Hammons Hotels Finance Corporation II
07 Septiembre 2005 - 8:12PM
PR Newswire (US)
NEW YORK, Sept. 7 /PRNewswire/ -- JQH Finance, LLC announced today
that, in connection with the pending merger between its affiliate
and John Q. Hammons Hotels, Inc. (AMEX:JQH), it has determined the
tender offer yield for its tender offer for all of the outstanding
$499.0 million principal amount of Series B 8-7/8% First Mortgage
Notes due 2012 (CUSIP No. 40862PAC1) issued by John Q. Hammons
Hotels, L.P. and John Q. Hammons Hotels Finance Corporation III
(the "Issuers"), affiliates of John Q. Hammons Hotels, Inc. In
connection with the tender offer, JQH Finance, LLC is also
soliciting consents from the holders of the notes to approve
certain proposed amendments to the indenture under which the notes
were issued. The tender offer yield for the notes tendered and
purchased will be 4.358%, which was determined as of 2:00 p.m., New
York City time, on September 7, 2005 by reference to a fixed spread
of 0.50% over the yield to maturity based on the bid side price of
the 3.125% U.S. Treasury Note due May 15, 2007. Assuming a
settlement date of September 27, 2005, consideration for each
$1,000 principal amount of notes validly tendered and not validly
withdrawn prior to 5:00 p.m., New York City time, on September 9,
2005, unless extended (the "Consent Time") will be $1,111.74 (the
"Total Consideration"), which includes a consent payment of $30.
The remaining pricing terms, and other details regarding the tender
offer and consent solicitation, are set forth in detail in the
Offer to Purchase and Consent Solicitation Statement dated August
26, 2005 and related documents (the "Offer Materials"). Holders who
validly tender notes after the Consent Time but prior to 10:00
a.m., New York City time, on September 26, 2005, unless extended
(the "Expiration Time"), will be eligible to receive the tender
offer consideration, which is equal to the Total Consideration less
the consent payment. Payment for all notes purchased will be made
promptly after the Expiration Time. Tendered notes may be withdrawn
and related consents may be revoked at any time prior to the
execution by the Issuers and Wachovia Bank, National Association,
as trustee for holders of the Notes, of a supplemental indenture
implementing the proposed amendments to the indenture. Goldman,
Sachs & Co. has been appointed as dealer manager and
solicitation agent for the tender offer and consent solicitation.
Global Bondholder Services Corporation has been appointed the
information agent and depositary for the tender offer and consent
solicitation. The Offer Materials may be obtained by contacting
Global Bondholder Services Corporation, 65 Broadway - Suite 74, New
York, New York 10006, Attention: Corporate Actions (telephone:
866-873-6300). Information concerning the terms and conditions of
the tender offer and consent solicitation may be obtained by
contacting Goldman, Sachs & Co., Credit Liability Management
Group, 85 Broad Street, 29th Floor, New York, New York, 10004
(telephone: 800-828-3182). This press release is not an offer to
purchase, a solicitation of an offer to purchase or a solicitation
of consents with respect to the Series B 8-7/8% First Mortgage
Notes. The tender offer and consent solicitation is being made
solely by the Offer to Purchase and Consent Solicitation Statement
dated August 26, 2005. In addition, this press release is neither
an offer to purchase nor a solicitation of an offer to sell any
other securities, including John Q. Hammons Hotels, Inc. common
stock. Safe Harbor Statements The information contained in this
news release, other than historical information, consists of
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements may
involve risks and uncertainties that could cause actual results to
differ materially from those described in such statements. Although
JQH Finance, LLC believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance
that such expectations will prove to have been correct. DATASOURCE:
JQH Finance, LLC CONTACT: Bill Wallace, +1-212-836-8556, for JQH
Finance, LLC
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