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Hospitality Properties continues to buy convertibles at a discount
By Lisa Kerner
Charlotte, N.C., March 17 - Hospitality Properties Trust's previously announced cash tender offer for all of its $265 million in 3.8% convertible senior notes due 2027 fits with the company's strategy of "taking care of potential maturities" in advance of their scheduled maturities, Timothy Bonang, vice president of investor relations, said in an e-mail.
Bonang said the convertibles can be put to Hospitality Properties in 2012.
According to Bonang, the company has been buying the notes over the past year or so, at a discount, with approximately $265 million remaining.
As previously reported, Hospitality Properties will purchase the convertibles at par plus accrued interest up to but excluding the payment date. The offer will expire at midnight ET on April 9.
The offer will be funded using cash on hand and drawings on the company's revolving credit facility.
Hospitality Properties is a Newton, Mass., real estate investment trust.
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