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Host Hotels & Resorts, Inc. Announces Commencement of Tender Offer for 4.750% Series C Senior Notes Due 2023 by Host Hotels & Resorts, L.P.
BETHESDA, Md., Aug. 11, 2020 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NYSE: HST) (the “Company”), the nation’s largest lodging real estate investment
About this update from Host Hotels & Resorts, Inc.
[{"type":"text","content":"BETHESDA, Md., Aug. 11, 2020 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NYSE: 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 commenced a cash tender offer for any and all of its outstanding 4.750% Series C Senior Notes due 2023 (CUSIP No. 44107TAT3) (the “Notes”), on the terms and subject to the conditions set forth in the Offer to Purchase, dated as of the date hereof (the “Offer to Purchase”), the related Letter of Transmittal (the “Letter of Transmittal”), and the related Notice of Guaranteed Delivery attached to the Offer to Purchase (the “Notice of Guaranteed Delivery”). As of August 10, 2020, there were $450 million principal amount of Notes outstanding. The tender offer is referred to herein as the “Offer.” The Offer to Purchase, the Letter of Transmittal and the Notice of Guaranteed Delivery are referred to herein collectively as the “Offer Documents.”\n The tender offer consideration for each $1,000 principal amount of the Notes purchased pursuant to the Offer will be $1,070 (the “Tender Offer Consideration”). Holders must validly tender (and not validly withdraw) or deliver a properly completed and duly executed Notice of Guaranteed Delivery for their Notes at or before the Expiration Time (as defined below) in order to be eligible to receive the Tender Offer Consideration. In addition, holders whose Notes are purchased in the Offer will receive accrued and unpaid interest from the last interest payment date to, but not including, the Payment Date (as defined in the Offer to Purchase) for the Notes. Host L.P. expects the Payment Date to occur on August 20, 2020. The Offer will expire at 5:00 p.m., New York City time, on August 17, 2020 (such time and date, as it may be extended, the “Expiration Time”), unless extended or earlier terminated by Host L.P. The Notes tendered may be withdrawn at any time at or before the Expiration Time by following the procedures described in the Offer to Purchase. Host L.P.’s obligation to accept for purchase and to pay for the Notes validly tendered and not validly withdrawn pursuant to the Offer is subject to the satisfaction or waiver, in Host L.P.’s discretion, of certain conditions, which are more fully described in the Offer...