Host Hotels calls remaining $391.3 million 2.5% exchangeables due 2029

By Tali Rackner

Norfolk, Va., Oct. 21 – Host Hotels & Resorts, LP intends to redeem the remaining $391.3 million of its 2.5% exchangeable senior debentures due Oct. 15, 2029, according to an 8-K filing with the Securities and Exchange Commission.

The exchangeables will be redeemed at par plus accrued interest on Nov. 3.

Because they have been called, the debentures are exchangeable until 5 p.m. ET on Oct. 30.

The current exchange price is 80.3053 shares of Host Hotels & Resorts, Inc. common stock per $1,000 principal amount, equivalent to an exchange price of $12.45 per share.

The company’s stock closed at $17.69 (NYSE: HST) on Tuesday.

The company said that based on the exchange price, it expects that holders will elect to exchange their debentures for stock rather than receive the cash redemption price as long as the share price exceeds $12.45.

Host Hotels is a real estate investment trust based in Bethesda, Md., that owns and operates hotel properties.

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