Hospitality Properties Trust aims to price notes due 2023, 2027

By Devika Patel

Knoxville, Tenn., Jan. 10 – Hospitality Properties Trust intends to offer fixed-rate senior notes in two tranches due 2023 and 2027, according to a 424B5 filing with the Securities and Exchange Commission.

The 2023 notes will be an add-on to the company’s existing 4.5% notes due June 15, 2023. The company originally sold $300 million of the 4.5% senior notes (Baa2/BBB-) in 2013.

The 2023 notes will have a make-whole call until Dec. 15, 2022 and then a par call.

The 2027 notes will have a make-whole call and then a par call.

Citigroup Global Markets Inc., RBC Capital Markets Corp, UBS Securities LLC and Wells Fargo Securities LLC are the bookrunners.

Proceeds will be used to repay debt under the trust’s unsecured revolving credit facility, for general business purposes and possibly to redeem some or all of the trust’s outstanding $290 million of series D preferred shares.

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

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