Four Seasons Hotels Inc. (TSE Symbol “FSH”; NYSE
Symbol “FS”) today announced that it has redeemed all of its $100 million 6% debentures due July 2, 2002
in accordance with their terms for an aggregate redemption price of $102,118,820, plus accrued and unpaid
interest. The redemption of the debentures was funded from existing cash balances.
“The Company’s only remaining long-term debt is zero coupon convertible debt with an ultimate maturity date
of 2029. By year end, we expect our cash reserves to exceed $200 million. We also have available US$200
million of committed and unutilized bank facilities. This positions us extremely well to support our business and
growth strategy,” said Douglas L. Ludwig, Executive Vice President and Chief Financial Officer.
Four Seasons is in the midst of the largest expansion ever of its hotel and resort and branded residential
portfolio, with planned openings of 22 projects under construction and four more about to begin in an
additional 11 countries. The newest addition is Four Seasons Hotel San Francisco, which opened on October