By Paul A. Harris
Portland, Ore., Aug. 11 – Xenia Hotels & Resorts, Inc. priced a $300 million issue of five-year senior secured notes (B1/B+) at par to yield 6 3/8% on Tuesday, according to market sources.
The yield printed at the tight end of the 6 3/8% to 6 5/8% yield talk. Initial price talk had the notes coming to yield in the high 6% area.
J.P. Morgan Securities LLC, Jefferies LLC, KeyBanc Capital Markets Inc., Wells Fargo Securities LLC, Citigroup Global Markets Inc., BofA Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Raymond James & Associates were the joint bookrunners.
The Orlando-based real estate investment trust plans to use the proceeds to repay bank debt and for general corporate purposes.
Xenia invests primarily in luxury and upper upscale hotels and resorts.
| Issuer: | Xenia Hotels & Resorts, Inc.
|
| Amount: | $300 million
|
| Tenor: | Five years
|
| Securities: | Senior secured notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Jefferies LLC, KeyBanc Capital Markets Inc., Wells Fargo Securities LLC, Citigroup Global Markets Inc., BofA Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Raymond James & Associates
|
| Coupon: | 6 3/8%
|
| Price: | Par
|
| Yield: | 6 3/8%
|
| Call protection: | Two years
|
| Trade date: | Aug. 11
|
| Settlement date: | Aug. 18
|
| Ratings: | Moody's: B1
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6 3/8% to 6 5/8%
|
| Marketing: | Roadshow
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
