By Paul A. Harris
Portland, Ore., Nov. 14 - Host Hotels & Resorts, LP priced a $300 million issue of non-callable 10-year series Y senior notes (Ba1/BB+/) at par to yield 6% on Monday, according to market sources.
The yield printed on top of the price talk.
J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Goldman Sachs & Co. and Wells Fargo Securities LLC were the joint bookrunners for the quick-to-market issue.
The company plans to use the proceeds to repurchase its 2 5/8% exchangeable senior notes due 2027.
The issuer is a Bethesda, Md.-based real estate investment trust that owns and operates hotel properties.
| Issuer: | Host Hotels & Resorts, LP
|
| Amount: | $300 million
|
| Maturity: | Oct. 1, 2021
|
| Securities: | Series Y senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Goldman Sachs & Co., Wells Fargo Securities LLC
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Spread: | 397 bps
|
| Call protection: | Non-callable
|
| Trade date: | Nov. 14
|
| Settlement date: | Nov. 18
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 6% area
|
| Marketing: | Quick to market
|
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