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Extended Stay Swaps Unregistered Notes

FORT LAUDERDALE, FL-The developer-operator of extended-stay lodging facilities is exchanging exchanges $300 million in newly registered securities for unregistered senior subordinated notes.

By David R. Corder | Updated on August 07, 2001

FORT LAUDERDALE, FL-Extended Stay America Inc. is swapping the $300 million in unregistered senior subordinated notes it issued in June for a comparable amount of newly registered senior subordinated notes.

The Fort Lauderdale-based developer-operator of extended-stay lodging facilities, which is in the process of relocating to Spartanburg, SC, announced in a recent shareholder’s report it is paying a comparable 9 7/8% interest rate on the notes due 2011.

In the same report, the company also disclosed it signed a new credit agreement to establish $900 million in senior credit facilities. The company advised it used a portion of the proceeds to pay all indebtedness outstanding on an existing credit facility.

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