Xenia Hotels driving by with $150 million tap of 6 3/8% notes due 2025, initial talk 99 to par

By Paul A. Harris

Portland, Ore., Oct. 14 – Xenia Hotels & Resorts, Inc. plans to price a $150 million add-on to its 6 3/8% senior secured notes due 2025 (existing ratings B1/B+) in a Wednesday drive-by, according to market sources.

Initial price talk is 99 to par.

J.P. Morgan Securities LLC is leading the sale.

The existing notes sold in a $300 million issue in August 2020, and came with two years of call protection.

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 upscale hotels and resorts.

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