Hospitality Properties to pay down revolver, might redeem preferreds

By Angela McDaniels

Tacoma, Wash., Jan. 10 – Hospitality Properties Trust expects to use the proceeds of a notes offering to repay amounts outstanding under its revolving credit facility due 2018, for general business purposes and possibly to redeem some or all of its $290 million outstanding series D preferred shares, according to a 424B5 filing with the Securities and Exchange Commission.

As of Jan. 9, there was $191 million outstanding under the revolver, and the interest rate was 1.87%.

The company plans to offer an add-on to its $300 million 4.5% notes due 2023 and a new tranche of fixed-rate notes due 2027.

Hospitality Properties is a Newton, Mass.-based real estate investment trust that owns hotels and travel centers.

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