Host Hotels & Resorts to price $500 million eight-year notes on Friday via Deutsche Bank, Merrill Lynch

By Paul A. Harris

St. Louis, Oct. 26 - Host Hotels & Resorts, L.P. plans to price a $500 million offering of eight-year senior notes (Ba1/BB) in a quick-to-market transaction on Friday, according to an informed source.

Deutsche Bank Securities and Merrill Lynch & Co. are joint bookrunners for the Rule 144A offering.

The notes will come with four years of call protection.

Proceeds will be used to repay or repurchase the issuer's $450 million of 9½% series I senior notes due 2007 and for general corporate purposes.

The prospective issuer is the sole general partner of Bethesda, Md.-based Host Hotels & Resorts, Inc.

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