FelCor Lodging Trust Inc.'s FelCor Lodging LP received the required consents for its plan to amend the indenture governing its 6.000% senior notes due 2025.
The company said the solicitation expired with holders of roughly $462.4 million, or 97.35% of the notes' outstanding amount, consenting to the proposed indenture change.
Accordingly, FelCor, FelCor Lodging and the guarantors signed a first supplemental indenture with U.S. Bank NA as the notes' trustee to primarily provide that the operating partnership's obligation to make a change-of-control offer will not apply to the company's proposed merger with RLJ Lodging Trust, which requested and funded the solicitation.
The first supplemental indenture, which went into effect immediately, as well as the proposed indenture amendment will not become operative until immediately before the effective time of the proposed combination of FelCor and RLJ's respective operating partnerships as part of the companies' merger deal.
FelCor and RLJ expect their merger to close on or about Aug. 31.