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Host Marriott plans to redeem 7 7/8% notes, some 8.45% notes with new-deal proceeds
New York, Oct. 27 - Host Marriott Corp. (Ba3/B+) said that its Host Marriott LP affiliate planned to offer new 10-year notes for sale, and would use the proceeds of the Rule 144A transaction to redeem in full Host Marriott L.P.'s existing $429 million of 7 7/8% senior notes due 2005, and a portion of Host Marriott LP's existing 8.45% senior notes due 2008, and to pay related fees and expenses.
Host Marriott, a Bethesda, Md. -based lodging company, sold $500 million of the 7 /78% notes in July 1998, and sold $500 million of the 8.45% notes in December 1998.
It was heard by high yield syndicate sources later on in the day to have sold an upsized $725 million offering of new 7 1/8% senior notes due 2013 at a par issue price.
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