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IRVING, TX-FelCor Lodging Trust Inc. has closed a $215-million private placement and picked up tenders for $262.5 million or 91% of outstanding senior floating-rate notes due 2011. The trading activity is still $27.5 million short of its redemption goal, but the REIT’s offer is good through Nov. 14.

The REIT’s executive team plans to lob a second redemption Dec. 1 for any outstanding 2011 notes. The second redemption will be tagged at $1,020 per $1,000 of the principal amount. The sale provides for accrued, but unpaid, interest through Nov. 30.

Under the original terms, shareholders of senior floating-rate notes were offered $1,022.73 per share for each $1,000 of principal. The terms included a $20 premium, which expired Monday.

In the private placement, institutional investors were offered FelCor LP senior secured notes at 100% of their principal plus any accrued interest, according to the SEC filing. The notes, maturing Dec. 1, 2011, is funding FelCor LP’s buyback of $290 million of unsecured floating-rate senior notes.

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