By Paul A. Harris
St. Louis, July 27 - Host Marriott Corp. priced $350 million of eight-year senior notes (Ba3/B+) Tuesday at 98.49 with a 7% coupon to yield 7¼%, according to a market source.
Revised price talk was in the 7¼% area, from 6 7/8% to 7%.
Deutsche Bank Securities and Banc of America Securities ran the books for the Rule 144A issue.
Proceeds will be used to redeem a portion of Host Marriott LP's existing 7 7/8% series B senior notes due 2008.
The issuer is a Bethesda, Md.-based lodging real estate investment trust.
Issuer: | Host Marriott Corp.
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Amount: | $350 million
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Tenor: | Eight years
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Security description: | Senior notes
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Bookrunners: | Deutsche Bank Securities, Banc of America Securities
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Coupon: | 7%
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Price: | 98.49
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Yield: | 7¼%
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Pricing date: | July 27
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Ratings: | Moody's: Ba3
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| Standard & Poor's: B+
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Price talk: | 7¼% area (revised from 6 7/8%-7%)
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