Host Hotels & Resorts Inc. (HST) announced that Host Hotels & Resorts L.P. is proposing to offer in a private placement $300 million aggregate principal amount of Exchangeable Senior Debentures due 2029. The offering will not be made to the general public. The Debentures will be offered only to qualified institutional buyers.
The company said, an additional $60 million of Debentures may be offered if the initial purchasers exercise their right to acquire additional Debentures to cover overallotments, if any.
The company intends to use the net proceeds for debt repayment, including to redeem, together with available cash, all or a portion of the $346 million outstanding of Host Hotels & Resorts, L.P.'s 7% Series M senior notes due 2012, as well as the repayment of other outstanding debt and for general corporate purposes.
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