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Host Hotels & Resorts, Inc. Announces Pricing Of An Additional $150 Million Of Host Hotels & Resorts, L.P.’s 3.50% Senior Notes Due 2030
BETHESDA, Md., Aug. 31, 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. 31, 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 priced its offering (the \"Offering\") of an additional $150 million aggregate principal amount of 3.50% Senior Notes due 2030 (the \"Notes\"). The Notes are being issued as additional notes under an existing supplemental indenture under which Host L.P. issued $600 million aggregate principal amount of 3.50% Senior Notes due 2030 (the “Existing Notes”) on August 20, 2020. The Notes will have the same terms as, be equal in right of payment with, of the same series as, and vote as a single class with, the Existing Notes. The Offering is expected to close on September 3, 2020, subject to the satisfaction or waiver of customary closing conditions. \n The estimated net proceeds of the Offering are expected to be approximately $146 million, after deducting the underwriting discount, de minimis original issue discount and fees and expenses, and excluding accrued interest from the August 20, 2020 issue date for the existing Series I Senior Notes. Host L.P. intends to allocate an amount equal to the net proceeds from the sale of the Notes to one or more eligible green projects, including hotel developments and redevelopments, renovations in existing hotels that have received, or are expected to receive LEED certification, refurbishments and improvement projects including energy and water efficient technologies and renewable energy. Following the allocation referenced above, Host L.P. intends to use the net proceeds for general corporate purposes, which may include repurchases of debt. J.P. Morgan Securities LLC, BofA Securities, Inc., Wells Fargo Securities, LLC, Deutsche Bank Securities, Goldman Sachs & Co. LLC and Morgan Stanley 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 12, 2018 and a preliminary prospectus supplement filed with the Securities and Exchange Commission on August 31, 2020. A copy of the final prospectus supplement and the accompanying prospectus relating to the Not...