Join The Discussion

 

Super PAC Men: How political consultants took a Fort Worth oilman on a wild ride

The head of a Texas oil dynasty joined the parade of wealthy political donors, aiming to flip the Senate to Republicans. By the time consultants were done with him, the war chest was drained and fraud allegations were flying

read more >

Bridge collapse on I-35 north of Austin

SALADO, Texas (AP) — Emergency crews are responding to a reported bridge collapse along an interstate in Central Texas.

read more >

Latin-inspired restaurant set to open in downtown Fort Worth

Downtown Fort Worth’s dining scene is about to get spicier with the opening of a new restaurant featuring Latin-inspired coastal cuisine.

read more >

Amazon begins Prime Now program in Dallas area

If you just have to have it now, as in one hour, you can, at least in the Dallas area, as Amazon.com Inc. announced Thursday it will offer Prime Now.

read more >

Texas jobless rate falls as employers add workers

Texas unemployment fell to 4.3 percent during February for the sixth straight month of declines, the Texas Workforce Commission reported Friday.

read more >

 

Irving-based La Quinta raises about $651M from IPO

IRVING, Texas (AP) — Hotel operator La Quinta Holdings Inc. has raised approximately $651 million from an initial public offering of its common stock.

The IPO of about 38.3 million shares is above the 37.2 million shares initially expected, according to a regulatory filing.

The offering priced at $17 per share, which was below the projected price range of $18 to $21 per share.

La Quinta is giving the underwriters a 30-day option to buy up to an additional 5.7 million shares.

The Irving, Texas, company expects about $618 million in net proceeds from the offering. That's before the underwriters exercise their overallotment option and prior to taking out estimated offering expenses. But it's after deducting underwriting discounts and commissions.

La Quinta anticipates using the offering's net proceeds, coupled with available cash and net proceeds from a senior secured term loan facility of its subsidiary, to pay back outstanding debt. Any remaining proceeds will be used for general corporate purposes.

The company began in 1968 in San Antonio, Texas. It was a public company for more than 30 years, before being acquired by private equity firm The Blackstone Group LP in 2006.

La Quinta runs select-service hotels, which typically have fewer amenities than full-service hotels. It had 834 hotels at the end of 2013.

The shares are expected to start trading on the New York Stock Exchange on Wednesday under the "LQ" ticker symbol.

The offering is targeted to close on Monday.

< back

Email   email
hide
Catch
How 'bout them Cowboys?