Host Hotels & Resorts Inc.'s operating partnership priced an offering of $650 million of 3.375% senior notes due 2029, for expected net proceeds of approximately $640.2 million.
Host Hotels & Resorts LP aims to allocate an amount equal to the net proceeds to one or more eligible green projects, including the acquisitions of the Andaz Maui at Wailea Resort in Hawaii and the 1 Hotel South Beach in Miami Beach, Fla. It plans to initially use the net proceeds, along with cash on hand, to fully redeem its $300 million of 6% series Z senior notes due 2021 and $350 million of 5.25% series B senior notes due 2022.
The lodging real estate investment trust said Wells Fargo Securities LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, BofA Securities Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the joint book-running managers for the offering, which is set to close Sept. 26.
