By Devika Patel
Knoxville, Tenn., Dec. 20 – Sunstone Hotel Investors, Inc.’s operating partnership, Sunstone Hotel Partnership, LLC, placed $240 million of senior notes in two tranches on Tuesday, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
There was $120 million of 4.69% nine-year series A notes and $120 million of 4.79% 11-year series B notes sold. Interest is payable semiannually. The notes have a make-whole call feature.
The notes are guaranteed by Sunstone Hotel Investors.
The placement is expected to settle Jan. 10.
Proceeds will be used for debt repayment.
Sunstone is an Aliso Viejo, Calif.-based real estate investment trust.
| Issuer: | Sunstone Hotel Partnership, LLC
|
| Guarantor: | Sunstone Hotel Investors, Inc.
|
| Issue: | Senior notes
|
| Amount: | $240 million
|
| Pricing date: | Dec. 20
|
| Settlement date: | Jan. 10
|
| Distribution: | Private placement
|
|
|
| Series A notes
|
| Amount: | $120 million
|
| Maturity: | Jan. 10, 2026
|
| Coupon: | 4.69%
|
| Call feature: | Make-whole call
|
|
|
| Series B notes
|
| Amount: | $120 million
|
| Maturity: | Jan. 10, 2028
|
| Coupon: | 4.79%
|
| Call feature: | Make-whole call
|
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