Extended Stay America and ESH Hospitality Complete Debt Refinancings

Extended Stay America and ESH Hospitality Complete Debt Refinancings

  

Fried Frank acted as counsel to ESH Hospitality (ESH), a subsidiary of Extended Stay America (ESA), in connection with certain debt refinancing transactions, consisting of US$750 million in aggregate principal amount offering of ESH's 4.625% senior notes due 2027, the repayment of US$500 million of term loans under ESH's credit facility, and the refinancing of each of ESH's credit facility and ESA's credit facility, as well as an amendment to an intercompany credit facility between ESH and ESA.

Extended Stay America is a leading brand in the mid-priced extended stay segment in the US with nearly twice as many rooms as its nearest competitor. ESH Hospitality is the largest lodging REIT in North America by unit and room count.

The Fried Frank team was led by corporate partners J. Christian Nahr and Joshua Wechsler and included corporate partners John M. Bibona and Meredith L. Mackey; tax partners Cameron N. Cosby and Alan S. Kaden; corporate special counsel Andrew J. Klein; corporate associates Ian L. Cohen, Danica E. Curavic, Madeline A. Lurio, Ariana Omar, Luiza Salata, and Aja-Fullo Sanneh; and tax associates Karen Li and Laura D. Pond

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