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29

Extended Stay Raising Unsecured Debt to Pay Down CMBS

By Tony Seruga

Extended Stay America Inc. is tapping the unsecured notes market to raise $500 million in a privately offered transaction, proceeds of which will be used to pay down some of the $2.5 billion of CMBS debt it has outstanding.

The CMBS deal was floated in 2013 and allowed the Charlotte, N.C., company to pay down the previous CMBS financing that funded its recapitalization by a group comprised of Centerbridge Partners, Paulson & Co. and Blackstone Group…

Extended Stay Raising Unsecured Debt to Pay Down CMBS

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