BETHESDA, Md., April 15 /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 notifying holders of the results of the previously
announced put option, allowing holders of its outstanding 3.25%
Exchangeable Senior Debentures due 2024 (CUSIP No. 44108EAT5) (the
"Debentures") to require Host Hotels & Resorts, L.P. to
purchase, prior to 10:00 a.m.,
New York City time, on
April 15, 2010, all or a portion of
such holders' Debentures (the "Put Option") at a price equal to
100% of the aggregate principal amount of the Debentures.
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As of 5:00 p.m., New York City time, on April 13, 2010, the date on which the opportunity
for holders to deliver a written notice to surrender the Debentures
for purchase (the "Repurchase Notice") pursuant to the Put Option
terminates, no Debentures had been validly tendered in the Put
Option by delivering a Repurchase Notice that was not subsequently
withdrawn. Therefore, no consideration for the Debentures
will be delivered to the paying agent on or prior to April 15, 2010 and the $325 million aggregate principal amount of the
Debentures outstanding prior to the Put Option remains outstanding.
Host Hotels & Resorts, L.P. has the right to redeem the
remaining outstanding Debentures at any time. The next put option
for holders is April, 2014.
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.
SOURCE Host Hotels & Resorts, Inc.