Host Hotels & Resorts, Inc. today announced that Host Hotels & Resorts, L.P., for whom the Company acts as sole general partner, has priced its private placement offering (the “Offering”) of $500 million in aggregate principal amount of 6% Senior Notes due 2020 (the “Notes”). The Offering is expected to close on October 25, 2010, subject to the satisfaction or waiver of customary closing conditions.
The net proceeds of the Offering will be used to redeem $250 million or more of the Company’s 7-1/8% Series K senior notes due November of 2013 and for general corporate purposes, future acquisitions or additional debt repayment.
The Notes 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 Notes are being offered and sold only to qualified institutional buyers in reliance on Rule 144A who are also qualified purchasers under the Internal Revenue Code.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.
This press release contains information about pending transactions, and there can be no assurance that these transactions will be completed.