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Host Hotels & Resorts Announces Pricing Of $700 Million Of 5.500% Senior Notes Due 2035, By Host Hotels & Resorts, L.P.
BETHESDA, Md., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ: HST) (the “Company”), the nation’s largest lodging real estate
About this update from Host Hotels & Resorts, Inc.
[{"type":"text","content":"BETHESDA, Md., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ: HST) (the “Company”), the nation’s largest lodging real estate investment trust, today announced that Host Hotels & Resorts, L.P. (\"Host L.P.\"), for whom the Company acts as sole general partner, has priced its offering (the \"Offering\") of $700 million aggregate principal amount of 5.500% Senior Notes due 2035 (the \"Notes\"). The Notes are the Company’s senior unsecured obligations. The Offering is expected to close on August 12, 2024, subject to the satisfaction or waiver of customary closing conditions. The estimated net proceeds of the Offering, after deducting the underwriting discount, de minimis original issue discount and fees and expenses, are expected to be approximately $683 million. Host L.P. intends to use the net proceeds from the sale of the Notes to repay all $525 million of its borrowings outstanding under the revolver portion of its senior credit facility, including amounts borrowed in connection with the recent acquisitions of The Ritz-Carlton O’ahu, Turtle Bay and 1 Hotel Central Park, and for general corporate purposes, which may include capital expenditures, dividends and/or funding for future acquisitions of hotel properties. Goldman Sachs & Co. LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC and PNC Capital Markets LLC are the joint book-running managers for the Offering. The Offering is being made pursuant to an effective shelf registration statement and accompanying prospectus filed with the Securities and Exchange Commission on April 9, 2024 and a preliminary prospectus supplement filed with the Securities and Exchange Commission on August 7, 2024. A copy of the final prospectus supplement and the accompanying prospectus relating to the Notes may be obtained, when available, by contacting Goldman Sachs & Co. LLC, at 200 West Street, New York, New York 10282, telephone: (866) 471-2526, or by email: [email protected]; BofA Securities, Inc., at 201 North Tryon Street, NC1-022-02-25, Charlotte, NC 28255, Attention: Prospectus Department, or Toll-free: 1-800-294-1322, or by email at [email protected]; J.P. Morgan Securities LLC, at 383 Madison Avenue, New York, New York 10179, Attention: Investment Grade Syndicate Desk – 3rd Floor, ...