PRNewswire -- Sunstone Hotel Investors, Inc. (NYSE: SHO) (“Sunstone”), sole managing member of Sunstone Hotel Partnership, LLC (the “Operating Partnership”), announced today that the Operating Partnership has amended its cash tender offer and consent solicitation to purchase any and all of its outstanding 4.60% Exchangeable Senior Notes due 2027 (CUSIP 86801FAA4) (the “Notes”) and to solicit consents (the “Consents”) from the registered holders of the Notes to adopt a proposed amendment to the Indenture governing the Notes (the “Proposed Amendment”). Pursuant to the amendments, the Operating Partnership is increasing the total tender offer consideration offered, increasing the consent payment offered, modifying the terms of the proposed amendment to the Notes indenture and extending the tender offer and the consent solicitation. Pursuant to the terms of the tender offer as amended, the Operating Partnership is offering to purchase Notes validly tendered and not validly withdrawn for cash equal to $700 per $1,000 principal amount of the Notes (which includes a consent fee of $15 per $1,000 principal amount of the Notes (the “Total Tender Consideration”)). Previously, the Operating Partnership had offered Total Tender Consideration equal to $600 per $1,000 principal amount of the Notes. In addition, holders whose Notes are purchased in the tender offer will receive accrued and unpaid interest to, but excluding, the date on which payment for purchased Notes is made.
