Host Hotels & Resorts, Inc. Announces Put Option For Host Hotels & Resorts, L.P.'s 3.25% Exchangeable Senior Debentures Due 2024
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Host Hotels & Resorts, Inc. Announces Put Option For Host Hotels & Resorts, L.P.'s 3.25% Exchangeable Senior Debentures Due 2024
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Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2010-03-17
Host Hotels & Resorts, Inc. (NYSE: HST) today announced that Host Hotels & Resorts, L.P., for whom the Company acts as sole general partner, is notifying holders of its outstanding 3.25% Exchangeable Senior Debentures due 2024 (CUSIP No. 44108EAT5) (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 15, 2010, 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.
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 $325 million. 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 deliver a written notice to surrender Debentures for purchase pursuant to the Put Option will terminate at 5:00 p.m., New York City time, on April 13, 2010. 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 written notices of repurchase previously delivered at any time prior to 5:00 p.m., New York City time, on April 13, 2010.
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