Host Hotels & Resorts announces pricing of offering of US$425M of 5 7/8% senior notes due 2019
May 5, 2011
– Host Hotels & Resorts, Inc. (NYSE: HST) today announced that Host Hotels & Resorts, L.P., for whom the Company acts as sole general partner, has priced its private placement offering (the "Offering") of $425 million in aggregate principal amount of 5-7/8% senior notes due 2019 (the "Notes"). The Offering is expected to close on May 11, 2011, subject to the satisfaction or waiver of customary closing conditions.
The net proceeds of the Offering of approximately $415 million, after taking into account discounts, fees and offering expenses, will be used to redeem all of the Company's $250 million aggregate principal amount of outstanding 7-1/8% Series K senior notes due November of 2013, to repay $50 million in borrowings under the Company's credit facility and for general corporate purposes.
The Notes have not been 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. The Notes are being offered and sold only to qualified institutional buyers in reliance on Rule 144A and in offshore transactions pursuant to Regulation S under the Securities Act.
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.
This press release contains information about pending transactions, and there can be no assurance that these transactions will be completed.