BETHESDA, Md., March 15, 2012 /PRNewswire/ -- Host Hotels
& Resorts, Inc. (NYSE:HST) (the "Company") today announced that
Host Hotels & Resorts, L.P., for whom the Company acts as sole
general partner, is notifying holders of its outstanding 2.625%
Exchangeable Senior Debentures due 2027 (CUSIP No. 44107TAE6) (the
"Debentures") that the holders have an option, pursuant to the
terms of the Debentures, to require Host Hotels & Resorts, L.P.
to purchase, on April 16, 2012, 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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)
Host Hotels & Resorts, L.P. will pay the aggregate purchase
price solely in cash. If all outstanding Debentures are surrendered
for purchase pursuant to the Put Option, the aggregate cash
purchase price will be $388,016,000.
Holders that do not surrender their Debentures for purchase will
maintain the right to exchange their Debentures, subject to the
terms, conditions and adjustments applicable to the Debentures.
The opportunity to surrender Debentures for purchase pursuant to
the Put Option will terminate at 5:00
p.m., New York City time,
on April 12, 2012. In order to
exercise the applicable Put Option, a holder must follow the
procedures set forth in the applicable notice to holders. Holders
may withdraw any Debentures previously surrendered at any time
prior to 5:00 p.m., New York City time, on April 12, 2012.
Host Hotels & Resorts, L.P. will file a Tender Offer
Statement on Schedule TO for the Debentures with the Securities and
Exchange Commission. In addition, documents specifying the terms,
conditions and procedures for surrendering and withdrawing
Debentures for purchase, including the notices to holders, will be
available through The Depository Trust Company and the paying agent
for the Debentures, which is The Bank of New York Mellon.
None of the Company, Host Hotels & Resorts, L.P., the board of
directors of the Company and its employees have made or are making
any representation or recommendation as to whether any holder
should surrender any Debentures.
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.