Published on 3/9/2017 in the Prospect News Investment Grade Daily.
New Issue: Host Hotels & Resorts sells $400 million 3.875% seven-year notes at 152 bps spread
By Cristal Cody
Tupelo, Miss., March 9 – Host Hotels & Resorts, LP priced $400 million of 3.875% series G seven-year senior notes (Baa2/BBB-/BBB) at a spread of Treasuries plus 152 basis points on Thursday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.575 to yield 3.944%.
Deutsche Bank Securities Inc., Goldman Sachs & Co., Wells Fargo Securities LLC, BofA Merrill Lynch and J.P. Morgan Securities LLC were the bookrunners.
Proceeds will be used to repay borrowings under the revolving portion of the company’s credit facility and for general corporate purposes.
Host Hotels is a real estate investment trust based in Bethesda, Md., that owns and operates hotel properties.
| Issuer: | Host Hotels & Resorts, LP
|
| Amount: | $400 million
|
| Description: | Senior notes
|
| Maturity: | April 1, 2024
|
| Bookrunners: | Deutsche Bank Securities Inc., Goldman Sachs & Co., Wells Fargo Securities LLC, BofA Merrill Lynch and J.P. Morgan Securities LLC
|
| Senior co-managers: | BNY Mellon Capital Markets, LLC, Credit Agricole Securities (USA) Inc., PNC Capital Markets LLC, Scotia Capital (USA) Inc., SunTrust Robinson Humphrey, Inc. and U.S. Bancorp Investments, Inc.
|
| Co-managers: | BBVA Securities Inc., BNP Paribas Securities Corp., RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc. and TD Securities (USA) LLC
|
| Coupon: | 3.875%
|
| Price: | 99.575
|
| Yield: | 3.944%
|
| Spread: | Treasuries plus 152 bps
|
| Call features: | Make-whole call at Treasuries plus 25 bps; on or after 60 days before maturity at par
|
| Trade date: | March 9
|
| Settlement date: | March 20
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB-
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
© 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.
