E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 8/2/2012 in the Prospect News Bank Loan Daily, Prospect News Convertibles Daily and Prospect News High Yield Daily.

S&P: Host Hotels notes BB+

Standard & Poor's said it assigned a BB+ rating to Host Hotels & Resorts LP's proposed $350 million senior notes due 2023 with a recovery rating of 1, indicating 90% to 100% expected recovery in a default.

Host expects to use the proceeds to redeem the remaining $250 million of the company's $650 million in outstanding series O notes due 2015 and for general corporate purposes, S&P said.

In November 2011, Host closed on a new $1 billion revolver, which is not rated, that released former subsidiary guarantees and pledges of equity interests, the agency said.

As a result, the company's existing senior notes and debentures indentures also released former subsidiary guarantees and stock pledges under provisions in the indentures that require the same guarantees and collateral provided to the revolving credit facility, S&P said.

The ratings reflect the company's highly leveraged financial risk profile and satisfactory business risk profile, the agency said.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.