BETHESDA, Md.--(BUSINESS WIRE)--Rangers Sub I, LLC (as successor to FelCor Lodging Trust Incorporated) announced the expiration of the Asset Sale Tender Offer (as defined below) by its subsidiary, FelCor Lodging Limited Partnership (“FelCor LP”), to repurchase its outstanding 6.000% Senior Notes due 2025 (CUSIP No. 31430QBG1) (the “Notes”) at 100% of the principal amount thereof plus accrued and unpaid interest (the “Asset Sale Tender Offer”), pursuant to the Indenture, dated as of May 21, 2015 (as supplemented, the “Indenture”), among FelCor LP, Rangers Sub I, LLC, the other guarantors party thereto and U.S. Bank National Association, a national banking association, as trustee, upon the terms and subject to the conditions set forth in the Asset Sale Notice and Offer to Purchase, dated November 1, 2019 (the “Offer to Purchase”), and the accompanying letter of transmittal.
The Asset Sale Tender Offer expired at 5:00 p.m., New York City time, on December 4, 2019. Tenders of $112,000 principal amount of Notes were received, and such Notes were accepted for payment and subsequently cancelled. As a result, $474,888,000 in aggregate principal amount of Notes remain outstanding.
The Asset Sale Tender Offer was conducted to satisfy FelCor LP’s obligation under the Indenture in connection with the sale of certain hotel properties.
Rangers Sub I, LLC (“Rangers”) is a Maryland limited liability company and a wholly-owned subsidiary of RLJ Lodging Trust, L.P. (“RLJ LP”). Rangers owns an indirect 99% partnership interest in FelCor Lodging Limited Partnership (“FelCor LP”). Rangers General Partner, LLC, also a wholly-owned subsidiary of RLJ LP, owns the remaining 1% partnership interest and is the sole general partner of FelCor LP.
Rangers and FelCor LP are collectively referred to as the “Company”. Substantially all of the Company’s assets and liabilities are held by, and all of its operations are conducted through FelCor LP. The Company owns primarily premium-branded, upper-upscale hotels located in major markets and resort locations.
The Company owns 28 hotel properties with approximately 8,100 rooms, located in 13 states. The Company, through wholly-owned subsidiaries, owns a 100% interest in 25 hotel properties, a 95% controlling interest in The Knickerbocker, and 50% interests in entities owning two hotel properties. The Company consolidates its real estate interests in the 26 hotel properties in which it holds a controlling financial interest, and the Company records the real estate interests in the two hotels in which it holds an indirect 50% interest using the equity method of accounting. The Company leases 27 of its 28 hotel properties to subsidiaries of RLJ LP.