MeriStar Announces Completion of Mergers with Affiliates of The Blackstone Group
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MeriStar Announces Completion of Mergers with Affiliates of The Blackstone Group
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Category: Worldwide -
This is a press release selected by our editorial committee and published online for free on 2006-05-03
MeriStar Hospitality Corporation (NYSE:MHX) and its subsidiary, MeriStar Hospitality Operating Partnership, L.P., announced the completion of the merger of MeriStar with and into Alcor Acquisition LLC, the merger of Alcor Acquisition L.P. with and into MeriStar Hospitality Operating Partnership, L.P., and the other transactions contemplated by the Agreement and Plan of Merger, dated as of February 20, 2006, by and among MeriStar, MeriStar Hospitality Operating Partnership, L.P., Alcor Holdings LLC, Alcor Acquisition Inc., Alcor Acquisition LLC and Alcor Acquisition L.P. Alcor Holdings LLC, Alcor Acquisition LLC and Alcor Acquisition L.P. are affiliates of The Blackstone Group. Under the terms of the merger agreement, holders of shares of MeriStar common stock and units of limited partner interest in MeriStar Hospitality Operating Partnership, L.P. will receive $10.45 per share or unit in cash, without interest.
In addition, MeriStar Hospitality Operating Partnership, L.P. announced that as of 8 a.m., New York City time, on May 2, 2006, the expiration date of the tender offers for its 9% Senior Notes due 2008 and its 9 1/8% Senior Notes due 2011, $236,678,000 aggregate principal amount of its 9% Senior Notes due 2008 and $334,550,000 aggregate principal amount of its 9 1/8% Senior Notes due 2011, constituting approximately 96.6% of the 9% Senior Notes due 2008 and approximately 97.6% of the 91/8% Senior Notes, respectively, had been tendered and not withdrawn in connection with the previously announced cash tender offers and consent solicitations for such notes. All such 9% Senior Notes and 9 1/8% Senior Notes validly tendered and not withdrawn in the tender offers and consent solicitations have been accepted for payment. MeriStar also announced that the Supplemental Indentures governing the 9% Senior Notes and the 9 1/8% Senior Notes, which were executed on April 13, 2006 in connection with the receipt of the requisite consents from holders of each of the 9% Senior Notes and the 9 1/8% Senior Notes to the proposed amendments reflected therein, are now operative.
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