Host Marriott to buy back 8 3/8% notes, redeem 7 7/8% notes with $500 million note proceeds

By Caroline Salls

Pittsburgh, March 2 - Host Marriott Corp. said partner Host Marriott LP will repay or repurchase its existing 8 3/8% series E senior notes due 2006 and redeem a portion of its existing 7 7/8% series B senior notes due 2008 using proceeds from its $500 million offering of senior notes due 2015.

Proceeds will also be used to pay related fees and expenses and for other corporate purposes.

Host Marriott is a Bethesda, Md., owner of upscale and luxury full-service hotel properties.

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