Hospitality Properties pay down revolver, redeem notes using proceeds

By Sarah Lizee

Olympia, Wash., Oct. 17 – Hospitality Properties Trust plans to repay borrowings under its revolving credit facility and fully or partially redeem its 6.7% senior notes due 2018 using proceeds from a new offering of fixed-rate senior notes due 2028, according to a 424B5 filed with the Securities and Exchange Commission.

The revolving credit facility bears interest at Libor plus a premium that matures on July 15, 2018. As of Oct. 13, there was $418 million outstanding and the interest rate was 2.28% per annum.

The company may also use proceeds for short term investments.

The real estate investment trust is based in Newton, Mass.

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