Proceeds Will Be Used to Redeem Its 10% Senior Secured Notes
FelCor expects to use proceeds from the term loan, cash on hand and its line of credit to redeem its remaining
"We continue to improve our balance sheet significantly by enhancing our maturity profile, lowering our cost of debt and reducing leverage. After redeeming our 10% notes, our weighted average cost of borrowing will be below 6%, and our next significant debt maturity, other than the line of credit, occurs in 2019. Furthermore, we remain on track to achieve our target leverage in 2015," said
FelCor, a real estate investment trust, owns a diversified portfolio of primarily upper-upscale and luxury hotels that are located in major and resort markets throughout the U.S. FelCor partners with leading hotel companies to operate its hotels, which are flagged under globally renowned names and premier independent hotels. Additional information can be found on the Company's website at www.felcor.com.
With the exception of historical information, the matters discussed in this news release include “forward-looking statements” within the meaning of the federal securities laws that are qualified by cautionary statements herein and in FelCor’s filings with the
Vice President Strategic Planning & Investor Relations