Research Update: FelCor Lodging Trust Inc.
- ID: 1751563
- August 2004
- Standard & Poors
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Product Type: Research Update
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On Aug. 18, 2004, Standard & Poor's Ratings Services assigned its 'CCC' rating to FelCor Lodging Trust Inc.'s planned $50 million add-on to the $107 million series A cumulative convertible preferred stock. These securities will be a draw down from the company's shelf registration. Proceeds will be used by FelCor Lodging L.P. (sole general partner and owner of more than 95% of its partnership interest is FelCor Lodging Trust) to redeem a portion of its 9.5% senior notes due 2008. At the same time, Standard & Poor's affirmed its ratings on FelCor Lodging Trust and FelCor Lodging L.P. (jointly FelCor), including its 'B' corporate credit ratings. The outlook is stable. Approximately $1.9 billion in debt was outstanding on June 30,...
Companies mentioned in this report are: FelCor Lodging Trust Inc.,FelCor Lodging L.P.
Action: New Rating