EXTENDED STAY AMERICA, INC. (NYSE:STAY) Files An 8-K Entry into a Material Definitive Agreement
Item1.01. Entry into a Material Definitive Agreement.
On June15, 2017, Extended Stay America, Inc. (the Company)
entered into a preferred share repurchase agreement (the Share
Repurchase Agreement) with certain entities affiliated with
Centerbridge Partners, L.P. and The Blackstone Group L.P. (the
Selling Stockholders) to which the Company repurchased, directly
from the Selling Stockholders, 14,069 shares of Series A
Preferred Stock of the Company (the Preferred Shares) on June15,
2017. The preferred share repurchase was effected in a private,
non-underwritten transaction at a price per share equal to $1,000
plus all accrued and unpaid dividends thereon through and
including the date of the repurchase. The Company funded the
preferred share repurchase from cash on hand. The preferred share
repurchase was approved by the Companys audit committee. After
this preferred share repurchase, the Company has 7,133 Preferred
Shares outstanding and the Selling Stockholders no longer
beneficially own any Preferred Shares. The foregoing description
of the Share Repurchase Agreement does not purport to be complete
and is qualified in its entirety by reference to the full text of
the Share Repurchase Agreement, which is filed as Exhibit 10.1 to
this Current Report on Form 8-K.
Item8.01. Other Events.
On June 15, 2017, the Company issued a press release regarding
the repurchase of Preferred Shares. A copy of the press release
is attached as Exhibit 99.1 to this Current Report on Form 8-K
and is incorporated herein by reference.
Item9.01. Financial Statements and Exhibits.
(d) Exhibits
|
Exhibit Number |
Exhibit Description |
|
| 10.1 |
Share Repurchase Agreement, dated June 15, 2017, by and among Extended Stay America, Inc. and each of the entities identified on Schedule 1 thereto. |
|
| 99.1 |
Press release of Extended Stay America, Inc. dated June 15, 2017. |