|By PR Newswire||
|April 8, 2014 07:22 PM EDT||
IRVING, Texas, April 8, 2014 /PRNewswire/ -- La Quinta Holdings Inc. (the "Company") today announced the pricing of its initial public offering of 38,250,000 shares of its common stock at a price to the public of $17.00 per share. The Company has granted the underwriters a 30-day option to purchase up to an additional 5,737,500 shares at the initial public offering price, less underwriting discounts and commissions. The shares are expected to begin trading on the New York Stock Exchange on April 9, 2014 under the symbol "LQ". The offering is expected to close on April 14, 2014, subject to the satisfaction of customary closing conditions.
The net proceeds of the offering are expected to be approximately $618 million after deducting underwriting discounts and commissions and before deducting estimated offering expenses, prior to any exercise of the underwriters' option to purchase additional shares. The Company intends to use the net proceeds from the offering, together with the net proceeds from the senior secured term loan facility of its wholly-owned subsidiary and cash on hand, to repay outstanding indebtedness, with any remaining balance to be used for general corporate purposes.
J.P. Morgan, Morgan Stanley, BofA Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank Securities, Goldman, Sachs & Co. and Wells Fargo Securities are acting as joint book-running managers for the offering. Blackstone Capital Markets, EA Markets, Evercore, JMP Securities, Lebenthal Capital Markets, Loop Capital Markets, Mischler Financial Group, Inc., Ramirez & Co., Inc., Raymond James, RBC Capital Markets and Stifel are acting as co-managers for the offering. The offering of these securities is being made only by means of a prospectus. Copies of the preliminary prospectus can be obtained from:
J.P. Morgan Securities LLC
Attention: Broadridge Financial Solutions
Attention: Prospectus Department
1155 Long Island Avenue
180 Varick Street, 2nd Floor
Edgewood, New York 11717
New York, NY 10014
A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Certain statements made in this press release may constitute "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are based on management's expectations, beliefs, estimates and projections. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual results may differ materially from what is forecast in forward-looking statements due to a variety of factors. Additional information regarding these factors is contained in the Company's registration statement on Form S-1 filed with the Securities and Exchange Commission. The Company disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release.
About La Quinta
La Quinta Holdings Inc. is a leading owner, operator and franchisor of select-service hotels primarily serving the midscale and upper-midscale segments. The Company's owned and franchised portfolio consists of more than 830 La Quinta Inn & Suites™ and La Quinta Inn™ brands representing approximately 84,000 rooms located in 46 states, as well as in Canada and Mexico. La Quinta's team is committed to providing guests with a refreshing and engaging experience.
SOURCE La Quinta Holdings Inc.
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