Host Hotels buys back $75 million 3.25% exchangeables for $69 million in first quarter

By Devika Patel

Knoxville, Tenn., April 23 - Host Hotels & Resorts, Inc. repurchased $75 million of its 3.25% exchangeable senior debentures for about $69 million during the first quarter, according to its earnings release.

The company said the repurchase was made under its stock and equity-linked security repurchase program.

The repurchased debentures had a carrying value of $72 million at the time of repurchase, so the company recorded a gain of about $3 million on these repurchases.

Since the fourth quarter of 2008, the company has repurchased $175 million of the debentures for $151 million, and currently has $325 million of the 2004 debentures outstanding.

Host Hotels & Resorts is a lodging real estate investment trust based in Bethesda, Md.

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