Simpson Thacher Represents Blackstone in the Restructuring of its $2.9 Billion La Quinta Hotels Debt
05.23.12
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Simpson Thacher represented Blackstone in the restructuring of its existing $2.9 billion debt encumbering the La Quinta hotel chain. The restructuring gives Blackstone the right to extend the maturity of the debt until July 2014 and reduces the total debt to approximately $2.65 billion. The transaction was effected through the purchase and retirement of approximately $260 million of existing debt and the addition of La Quinta’s franchise business as collateral for the debt.
The Simpson Thacher team for the transaction included: Sas Mehrara, Bryan Herzbach, Nitya Kumar and Michael Svetich (Real Estate); Brian Stadler and Ravi Agarwal (M&A); and John Hart and Jason Vollbracht (Tax).