PRNewswire-FirstCall DALLAS Nov. 19 :
La Quinta Corporation today announced that its controlled subsidiary, La
Quinta Properties, Inc. (“LQ Properties”), has extended the expiration of
its exchange offer from midnight (New York City time) on Wednesday,
November 19, 2003 to 11:59 p.m. (New York City time) on Friday, November
28, 2003. Pursuant to the exchange offer, LQ Properties` 8 7/8% Senior
Notes due 2011 which have been registered under the Securities Act of
1933, as amended (the “new notes”), are offered for exchange for the $325
million of outstanding 8 7/8% Senior Notes due 2011 which were issued on
March 19, 2003 in a transaction exempt from registration (the “old notes”).
As of 5:00 p.m. (New York City time) on November 18, 2003, approximately
$265,815,000 in aggregate principal amount of the old notes (or
approximately 82% of the old notes) had been tendered pursuant to the
exchange offer. The exchange offer has been extended in order to allow
additional time for the holders of the remaining $59,185,000 aggregate
principal amount of the old notes to participate in the exchange offer.
The exchange offer will not, under any circumstances, extend beyond
December 3, 2003.
Except for the extension of the expiration date, all other terms,
conditions and provisions of the exchange offer remain effective as of the
Questions concerning the delivery of appropriate documentation and the old
notes should be directed to the exchange agent, U.S. Bank Trust National
Association, attention Specialized Financing at (651) 244-8161.
The old notes have not been registered under the Securities Act of 1933,
as amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of, these
securities in any state in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the securities
laws of any such state.
About La Quinta Corporation
Dallas based La Quinta Corporation, a leading limited service lodging
company, owns, operates or franchises over 350 La Quinta Inns and La
Quinta Inn & Suites in 33 states.