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Host Marriott to redeem some 7 7/8% notes with exchangeable proceeds
New York, March 9 - Host Marriott Corp. said it will redeem part of Host Marriott LP's outstanding 7 7/8% series B senior notes due 2008 with proceeds from its planned offering of $375 million exchangeable senior debentures due 2024.
The exchangeable offering, to be issued by Host Marriott LP and convertible into Host Marriott Corp. common stock, has a $75 million greenshoe.
The Bethesda, Md., owner of hotels had $1.196 billion of the series B notes outstanding as of Dec. 31, 2003, according to its most recent 10-K filing with the Securities and Exchange Commission.
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