HOST HOTELS & RESORTS L.P.: debt financing — Host Hotels & Resorts closes $600M offering of 5.700% Series K senior notes due 2034

HOST HOTELS & RESORTS L.P.

Issued $600M of 5.700% Series K senior notes due 2034 via underwritten public offering.
Net proceeds allocated to eligible green projects (incl. LEED Silver Nashville hotels) and to repay $215M of revolver borrowings.
Covenants: minimum 1.5x EBITDA-to-interest coverage; total debt <65% of adjusted assets; unencumbered assets >=150% of unsecured debt.
Optional redemption before April 2, 2034 at Treasury rate +25 bps; thereafter at par.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

HOST HOTELS & RESORTS L.P. incurred senior notes of $600 million aggregate principal amount with The Bank of New York Mellon at 5.700% maturing 2034.

Instrument: senior notes
Principal: $600 million aggregate principal amount
Counterparty: The Bank of New York Mellon
Rate: 5.700%
Maturity: 2034
Event: incurrence

Exact text from the filing

Fargo Securities, LLC agreed to serve as representatives of the several underwriters named in the Underwriting Agreement in connection with the public offering by Host L.P. of $600 million aggregate principal amount of its 5.700% Series K senior notes due 2034 (the “ Series K senior notes ”). The foregoing description of the Underwriting Agreement does not purport

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

HOST HOTELS & RESORTS L.P. entered into Underwriting Agreement with J.P. Morgan Securities LLC, BofA Securities, Inc., Wells Fargo Securities, LLC valued at $600 million aggregate principal amount of 5.700% Series K senior notes due 2034 (effective 2024-05-07).

Action: entry
Agreement: underwriting
Counterparty: J.P. Morgan Securities LLC, BofA Securities, Inc., Wells Fargo Securities, LLC
Value: $600 million aggregate principal amount of 5.700% Series K senior notes due 2034
Effective: 2024-05-07

Exact text from the filing

On May 7, 2024, Host Hotels & Resorts, L.P. (“ Host L.P. ”), for whom Host Hotels & Resorts, Inc. acts as sole general partner, entered into an underwriting agreement (the “ Underwriting Agreement ”) with J.P. Morgan Securities LLC, BofA Securities, Inc. and Wells Fargo Securities, LLC.

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Source: SEC EDGAR

accession 0001628280-24-022621

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