Host Marriott Corporation announced today that Host Marriott, L.P., for
whom the Company acts as sole general partner, is proposing to offer in a
private placement $500 million aggregate principal amount of Senior Notes
due 2013 (the “Notes”). As the offering is a private placement, it will
not be made to the general public. Only qualified institutional buyers may
participate in the offering.
The net proceeds of the offering will be used to redeem in full Host
Marriott L.P.`s existing $429 million 7.875% Senior Notes due 2005, and a
portion of the Host Marriott L.P.`s existing 8.45% Senior Notes due 2008
and to pay related fees and expenses.
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. The issuance of the Notes will be structured to allow
secondary market trading under Rule 144A under the Securities Act of 1933.