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La Quinta Holdings announces completion of initial public offering - Form 8-K


Monday, 14 Apr 2014 04:50pm EDT 

La Quinta Holdings Inc:On April 14, completed initial public offering, including exercise in full by underwriters of their option to purchase additional shares of 43,987,500 shares of common stock for cash consideration of $16.15 per share.To syndicate of underwriters led by J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Wells Fargo Securities, LLC.For about $710.4 million in net proceeds before expenses.Issuer sold all of shares of common stock sold in offering.Other underwriters in syndicate were Blackstone Advisory Partners L.P., EA Markets Securities LLC, Evercore Group L.L.C., JMP Securities LLC, Lebenthal & Co., LLC, Loop Capital Markets LLC.Mischler Financial Group, Inc., Samuel A. Ramirez & Company, Inc., Raymond James & Associates, Inc., RBC Capital Markets, LLC and Stifel, Nicolaus & Company, Incorporated.Estimates that net proceeds to it from sale of shares of Common stock in Offering after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by it, were about $699.1 million.Used net proceeds from Offering together with the net proceeds from term loans and available cash to repay about $2.7 billion of company‚Äôs outstanding debt.Any remaining net proceeds will be used for general corporate purposes.