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La Quinta Holdings announces pricing of initial public offering


Tuesday, 8 Apr 2014 07:21pm EDT 

La Quinta Holdings Inc:Announces pricing of initial public offering of 38,250,000 shares at $17 per share.Grants underwriters a 30-day option to purchase up to an additional 5,737,500 shares.Expects to begin trading on New York Stock Exchange on April 9 under symbol "LQ".Expected to close on April 14.Expects net proceeds to be about $618 mln after deducting underwriting discounts and commissions.To use net proceeds together with net proceeds from senior secured term loan facility of wholly owned subsidiary and cash on hand to repay debt.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 joint book-running managers.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 co-managers.