By Andrea Heisinger
Omaha, Sept. 24 - Hospitality Properties Trust priced an upsized $350 million issue of 6.7% senior unsecured notes due 2018 on Monday to yield Treasuries plus 220 basis points, a market source said.
The issue was announced at $250 million.
The notes (Baa2/BBB) priced at 99.136 to yield 6.82%.
There is a make-whole call at Treasuries plus 35 bps.
Bookrunners were Wachovia Capital Markets LLC, Morgan Stanley & Co. Inc. and UBS Securities LLC.
Proceeds will be used to reduce the amounts outstanding under the company's revolving credit facility.
Hospitality is a real estate investment trust based in Newton, Mass.
| Issuer: | Hospitality Properties Trust
|
| Issue: | Senior unsecured notes
|
| Amount: | $350 million, upsized from $250 million
|
| Maturity: | Jan. 15, 2018
|
| Bookrunners: | Wachovia Capital Markets, LLC, Morgan Stanley & Co., Inc., UBS Securities LLC
|
| Coupon: | 6.7%
|
| Price: | 99.136
|
| Yield: | 6.82%
|
| Spread: | Treasuries plus 220 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
| Trade date: | Sept. 24
|
| Settlement date: | Sept. 28
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
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