Host Hotels & Resorts, Inc. Announces Proposed Private Placement of Senior Notes Due 2017 By Host Hotels & Resorts, L.P.
BETHESDA, Md., May 5 /PRNewswire-FirstCall/ — Host Hotels & Resorts, Inc. (NYSE: HST) today announced that Host Hotels & Resorts, L.P., for whom the Company acts as sole general partner, is proposing to offer in a private placement $350 million aggregate principal amount of Senior Notes due 2017 (the “Notes”), subject to market and other customary conditions. As the offering is a private placement, the Notes will be 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.
The net proceeds of the offering are intended to be used to repay the $135 million mortgage debt on The Westin Kierland Resort & Spa due in 2009, to repay the $200 million currently outstanding on the revolving portion of the Company’s credit facility and for general corporate purposes.
The Notes to be offered 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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