Host Hotels & Resorts, Inc. Announces Proposed Private Placement of Exchangeable Senior Debentures Due 2029 By Host Hotels & Resorts, L.P.
Bethesda, Maryland Private Placement: Host Hotels & Resorts, Inc. announced that Host Hotels & Resorts, L.P., for whom the Company acts as sole general partner, is proposing to offer in a private placement $300 million aggregate principal amount of Exchangeable Senior Debentures due 2029 (the “Debentures”), subject to market and other customary conditions.
An additional $60 million of Debentures may be offered if the initial purchasers exercise their right to acquire additional Debentures to cover over allotments, if any. As the offering is a private placement, it will not be made to the general public. The Debentures will be offered only to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended. The Debentures will be exchangeable upon the occurrence of certain events into cash, shares of Host Hotels & Resorts, Inc. common stock or a combination of cash and shares of common stock, at the Company’s option.
The net proceeds from the sale of the Debentures are intended to be used for debt repayment, including to redeem, together with available cash, all or a portion of the $346 million outstanding of Host Hotels & Resorts, L.P.’s 7% Series M senior notes due 2012, as well as the repayment of other outstanding debt and for general corporate purposes.
The Debentures to be offered and the underlying shares of common stock 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.
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