JQH Finance, LLC Announces Receipt of Consents Necessary to Amend the Indenture Governing the Series B 8-7/8% First Mortgage Not
10 September 2005 - 11:45AM
PR Newswire (US)
NEW YORK, Sept. 9 /PRNewswire-FirstCall/ -- JQH Finance, LLC
announced today that, in connection with the pending merger between
its affiliate and John Q. Hammons Hotels, Inc (AMEX:JQH), it has
received the consents necessary to adopt the proposed amendments to
the Indenture governing the Series B 8-7/8% First Mortgage Notes
due 2012 (CUSIP No. 40862PAC1) (the "Notes") issued by John Q.
Hammons Hotels, L.P. and John Q. Hammons Hotels Finance Corporation
III (the "Indenture") in connection with its previously commenced
tender offer (the "Offer") and related consent solicitation (the
"Consent Solicitation") for any and all of the outstanding Notes. A
total of more than $493 million, or approximately 98.83% in
aggregate principal amount of the outstanding Notes, were validly
tendered and not validly withdrawn before 5:00 p.m., New York City
time, on September 9, 2005 (the "Consent Time"). The Offer and
Consent Solicitation is scheduled to expire at 10:00 a.m., New York
City time, on Monday, September 26, 2005. John Q. Hammons Hotels,
L.P., John Q. Hammons Hotels Finance Corporation III and Wachovia
Bank, National Association, as trustee, have executed a First
Supplemental Indenture setting forth the amendments, which
eliminated most of the restrictive covenants and certain events of
default from the Indenture. With the exception of one amendment,
which became operative upon execution of the First Supplemental
Indenture, the amendments will become operative when the Notes that
are validly tendered and not validly withdrawn are purchased by JQH
Finance, LLC pursuant to the terms of the Offer. All amendments to
the Indenture, once operative, will be binding upon all holders of
the Notes, including those not tendering pursuant to the Offer.
This announcement is not an offer to purchase, a solicitation of an
offer to sell or a solicitation of consent with respect to any
securities. The Offer is being made solely by the Offer to Purchase
and Consent Solicitation Statement dated August 26, 2005. Goldman,
Sachs & Co. has been appointed as dealer manager and
solicitation agent for the tender offer and consent solicitation.
Global Bondholder Services Corporation has been appointed the
information agent and depositary for the tender offer and consent
solicitation. The Offer Materials may be obtained by contacting
Global Bondholder Services Corporation, 65 Broadway -- Suite 74,
New York, New York 10006, Attention: Corporate Actions (telephone:
866-873-6300). Information concerning the terms and conditions of
the tender offer and consent solicitation may be obtained by
contacting Goldman, Sachs & Co., Credit Liability Management
Group, 85 Broad Street, 29th Floor, New York, New York, 10004
(telephone: 800-828-3182). The information contained in this news
release, other than historical information, consists of
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements may
involve risks and uncertainties that could cause actual results to
differ materially from those described in such statements. Although
JQH Finance, LLC believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance
that such expectations will prove to have been correct. DATASOURCE:
JQH Finance, LLC CONTACT: Bill Wallace, +1-212-836-8556, for JQH
Finance, LLC
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