Host Hotels & Resorts, Inc. Announces Proposed Private Placement of Senior Notes Due 2017 By Host Hotels & Resorts, L.P.
May 05 2009 - 7:10AM
PR Newswire (US)
BETHESDA, Md., May 5 /PRNewswire-FirstCall/ -- Host Hotels &
Resorts, Inc. (NYSE:HST) today announced that Host Hotels &
Resorts, L.P., for whom the Company acts as sole general partner,
is proposing to offer in a private placement $350 million aggregate
principal amount of Senior Notes due 2017 (the "Notes"), subject to
market and other customary conditions. As the offering is a private
placement, the Notes will be offered and sold only to qualified
institutional buyers in reliance on Rule 144A and in offshore
transactions pursuant to Regulation S under the Securities Act.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060417/HOSTLOGO ) The
net proceeds of the offering are intended to be used to repay the
$135 million mortgage debt on The Westin Kierland Resort & Spa
due in 2009, to repay the $200 million currently outstanding on the
revolving portion of the Company's credit facility and for general
corporate purposes. The Notes to be offered have not been
registered under the United States Securities Act of 1933 and may
not be offered or sold in the United States absent registration or
an applicable exemption from registration requirements. This press
release does not constitute an offer to sell or the solicitation of
an offer to buy any of the securities, nor shall there be any sale
of the securities in any state in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of such state. This press release contains
information about pending transactions, and there can be no
assurance that these transactions will be completed. Note: This
press release contains forward-looking statements. These
forward-looking statements are identified by their use of terms and
phrases such as "anticipate," "believe," "could," "estimate,"
"expect," "intend," "may," "plan," "predict," "project," "will,"
"continue" and other similar terms and phrases, including
references to assumption and forecasts of future results.
Forward-looking statements are not guarantees of future performance
and involve known and unknown risks, uncertainties and other
factors which may cause the actual results to differ materially
from those anticipated at the time the forward-looking statements
are made. These risks include, but are not limited to: national and
local economic and business conditions, including the potential for
terrorist attacks, that will affect occupancy rates at our hotels
and the demand for hotel products and services; operating risks
associated with the hotel business; risks associated with the level
of our indebtedness and our ability to meet covenants in our debt
agreements; relationships with property managers; our ability to
maintain our properties in a first-class manner, including meeting
capital expenditure requirements; our ability to compete
effectively in areas such as access, location, quality of
accommodations and room rate structures; changes in travel
patterns, taxes and government regulations which influence or
determine wages, prices, construction procedures and costs; our
ability to complete acquisitions and dispositions; and our ability
to continue to satisfy complex rules in order for us to qualify as
a REIT for federal income tax purposes and other risks and
uncertainties associated with our business described in the
Company's filings with the SEC. Although the Company believes the
expectations reflected in such forward-looking statements are based
upon reasonable assumptions, it can give no assurance that the
expectations will be attained or that any deviation will not be
material. All information in this release is as of May 5, 2009, and
the Company undertakes no obligation to update any forward-looking
statement to conform the statement to actual results or changes in
the Company's expectations.
http://www.newscom.com/cgi-bin/prnh/20060417/HOSTLOGO
http://photoarchive.ap.org/ DATASOURCE: Host Hotels & Resorts,
Inc. CONTACT: Host Hotels & Resorts, Inc., Investor Relations,
+1-240-744-5800 Web Site: http://www.hosthotels.com/
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