Xenia Hotels driving by with $400 million eight-year secured notes; initial talk 5¼%-5½%

By Paul A. Harris

Portland, Ore., May 20 – Xenia Hotels & Resorts, Inc. plans to price a $400 million offering of eight-year senior secured notes in a Thursday drive-by trailing a conference call with investors, according to market sources.

Initial guidance has the deal coming to yield 5¼% to 5½%.

J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Wells Fargo Securities LLC, PNC Capital Markets LLC, BMO Capital Markets Corp., Citigroup Global Markets Inc., BofA Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Raymond James & Associates, Fifth Third Securities Inc., Regions Securities LLC and Credit Agricole CIB are the joint bookrunners.

The Rule 144A and Regulation S for life notes come with three years of call protection.

The Orlando, Fla.-based real estate investment trust plans to use the proceeds to repay bank debt and for general corporate purpose.

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