Hospitality Properties tenders for $265 million 3.8% convertibles

By Devika Patel

Knoxville, Tenn., March 15 - Hospitality Properties Trust said it has begun a cash tender offer for all of its $265 million in 3.8% convertible senior notes due 2027.

The company will purchase the convertibles at par plus interest up to, but not including, the payment date. The offer will expire at midnight ET on April 9.

Hospitality Properties will fund the purchase with cash on hand and drawings on its revolving credit facility.

Bank of America Merrill Lynch (888 292-0070), BNY Mellon Capital Markets, LLC (800 269-6864) and Citi (800 558-3745) are the dealer managers. The information agent and depositary is D.F. King & Co., Inc. (800 967-4604 or collect at 212 269-5550).

Hospitality Properties is a Newton, Mass., real estate investment trust.

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