By Paul A. Harris
Portland, Ore., Oct. 14 – Xenia Hotels & Resorts, Inc. priced an upsized $200 million add-on to its 6 3/8% senior secured notes due 2025 (B1/B+) at 100.25 to yield 6.317% in a Wednesday drive-by, according to market sources.
The issue price came in the middle of the 100 to 100.5 price talk. Initial talk was 99 to par.
J.P. Morgan Securities LLC managed the sale.
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.
| Issuer: | Xenia Hotels & Resorts, Inc.
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| Amount: | $200 million, increased from $150 million
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| Maturity: | Aug. 15, 2025
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| Security description: | Add-on to 6 3/8% senior secured notes due 2025
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| Lead: | J.P. Morgan Securities LLC
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| Coupon: | 6 3/8%
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| Price: | 100.25
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| Yield to worst: | 6.317%
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| Trade date: | Oct. 14
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| Settlement: | Oct. 20
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| Ratings: | Moody's: B1
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| S&P: B+
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| Price talk: | 100 to 100.5
|
| Marketing: | Drive-by
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| Original issue: | $300 million priced in August 2020
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