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Host Hotels & Resorts (NASDAQ:HST), L.P. ("Host L.P."), under Host Hotels & Resorts, Inc., has entered into an underwriting agreement on Monday with Morgan Stanley & Co (NYSE:MS). LLC, BofA Securities, Inc., and J.P. Morgan Securities LLC for the issuance of $500 million in senior notes. The 5.700% Series M senior notes, due in 2032, are part of a public offering aimed at generating approximately $490 million in net proceeds.
The net proceeds, together with cash on hand, are intended to redeem the outstanding $500 million of Host L.P.’s Series E senior notes due 2025. Host L.P. has notified that the redemption of the Series E senior notes will occur on May 22, 2025, with The Bank of New York Mellon (NYSE:BK), as trustee, delivering an irrevocable notice on Host L.P.’s behalf.
The Series E senior notes will be redeemed at 100.000% of their principal amount plus accrued and unpaid interest up to, but not including, the redemption date. This redemption is financed through the net proceeds from the Series M senior notes issuance and cash reserves.
Host Hotels & Resorts, Inc., a Maryland corporation, operates as a real estate investment trust, while Host Hotels & Resorts, L.P., a Delaware partnership, is involved in the hotels and motels industry. Both entities share their principal executive offices at 4747 Bethesda Avenue, Suite 1300, Bethesda, Maryland.
This news is based on a recent SEC filing and contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those projected. The company’s past financial performance can be found in its annual and quarterly reports filed with the SEC.
The full details of the underwriting agreement will be filed as Exhibit 1.1 to the Current Report on Form 8-K and are incorporated by reference. The information in this article is based on a press release statement.
In other recent news, Host Hotels & Resorts reported its first-quarter 2025 financial results, exceeding Wall Street expectations. The company achieved an earnings per share (EPS) of $0.35, surpassing the forecasted $0.27, and revenue reached $1.59 billion, beating the anticipated $1.55 billion. Host Hotels & Resorts also announced a $500 million senior notes offering through its subsidiary, Host Hotels & Resorts, L.P., with the proceeds intended for the redemption of outstanding Series E senior notes. The notes, carrying an interest rate of 5.700%, are due in 2032. Analysts from firms like Evercore ISI noted the company’s strong performance, particularly in luxury and resort markets, which contributed to a positive outlook. The company’s RevPAR (Revenue Per Available Room) improved by 5.8%, driven by demand in luxury and resort segments. Host Hotels & Resorts maintains a robust balance sheet with $2.2 billion in liquidity, positioning it well amid macroeconomic uncertainties. Additionally, the company completed significant renovations, enhancing its property portfolio and market competitiveness.
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