Host Marriott to price $500 million 10-year notes Thursday afternoon

By Paul A. Harris

St. Louis, March 2 - Host Marriott LP plans to price $500 million of 10-year senior notes (existing ratings Ba3/B+) in a quick-to-market transaction Thursday afternoon, according to syndicate sources.

An investor conference call is scheduled for 10 a.m. ET Thursday.

The notes will be non-callable for five years.

Goldman Sachs & Co. has the physical books for the Rule 144A with registration rights offering. Deutsche Bank Securities and Citigroup are joint bookrunners. The co-managers are BNY Securities, SG Corporate & Investment Banking, Calyon Securities, Bear Stearns & Co., Banc of America Securities LLC and Wachovia Securities.

Proceeds will be used to repay or repurchase Host Marriott LP's existing 8 3/8% series E senior notes due 2006, to redeem a portion of the existing 7 7/8% series B senior notes due 2008 and for other corporate purposes.

The Bethesda, Md.-based real estate company owns or holds controlling interests in upscale and luxury full-service hotels.

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