BETHESDA, Md., May 5, 2011 /PRNewswire/ -- Host Hotels &
Resorts, Inc. (NYSE: HST) today announced that Host Hotels &
Resorts, L.P., for whom the Company acts as sole general partner,
has priced its private placement offering (the "Offering") of
$425 million in aggregate principal
amount of 5-7/8% senior notes due 2019 (the "Notes"). The
Offering is expected to close on May 11,
2011, subject to the satisfaction or waiver of customary
closing conditions.
(Logo: http://photos.prnewswire.com/prnh/20060417/HOSTLOGO )
The net proceeds of the Offering of approximately $415 million, after taking into account
discounts, fees and offering expenses, will be used to redeem all
of the Company's $250 million
aggregate principal amount of outstanding 7-1/8% Series K senior
notes due November of 2013, to repay $50
million in borrowings under the Company's credit facility
and for general corporate purposes.
The Notes 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. The Notes are being 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.
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 assumptions 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 the date
of this release, 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.
SOURCE Host Hotels & Resorts, Inc.