Host Hotels & Resorts, Inc. closes $400 million private placement of senior notes due 2017 by Host Hotels & Resorts, L.P
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Host Hotels & Resorts, Inc. closes $400 million private placement of senior notes due 2017 by Host Hotels & Resorts, L.P
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Category: Worldwide - Industry economy -
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This is a press release selected by our editorial committee and published online for free on 2009-05-12
Host Hotels & Resorts, Inc. (NYSE:HST) today announced the closing of the offering of $400 million aggregate principal amount of Series T Senior Notes (the “Notes”) bearing interest at a rate of 9% per year due in 2017, issued by Host Hotels & Resorts, L.P., for whom the Company acts as sole general partner. The Notes were offered in a private placement to qualified institutional buyers pursuant to Rule 144A and in offshore transactions pursuant to Regulation S under the Securities Act.
The net proceeds of the offering of approximately $380 million, after taking into account discounts, fees and offering expenses, will be used to repay all of the outstanding $135 million mortgage debt on The Westin Kierland Resort & Spa in 2009, to repay the $200 million currently outstanding on the revolving portion of the Company’s credit facility and for general corporate purposes.
The Notes have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.
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