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Article: Interstate Hotels & Resorts Completes Discounted Repayment of Note Payable to MeriStar Hospitality.
- Article from:
- Business Wire
- Article date:
- January 13, 2003
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Business Editors
WASHINGTON--(BUSINESS WIRE)--Jan. 13, 2003
Interstate Hotels & Resorts (NYSE: IHR), the nation's largest independent hotel management company, today announced that it had completed a discounted repayment to MeriStar Hospitality Corporation (NYSE: MHX) of its $56.1 million note payable, due July 31, 2007, for $42.1 million.
Interstate financed the repayment with proceeds from a $40.0 million subordinated term loan obtained from Lehman Brothers that matures in January 2007 and carries a coupon rate of LIBOR plus 850 basis points. The remaining $2.1 million will be paid out of available cash.
"The early repayment of our ...