Published on 8/31/2020 in the Prospect News Green Finance Daily and Prospect News Investment Grade Daily.
New Issue: Host Hotels prices $150 million tap of 3.5% 10-year green notes at 300 bps spread
By Cristal Cody
Tupelo, Miss., Aug. 31 – Host Hotels & Resorts, LP priced a $150 million reopening of its 3.5% 10-year green senior notes (Baa3/BBB-/BBB-) on Monday at 98.267 to yield 3.708%, or a spread of Treasuries plus 300 basis points, according to an FWP filing with the Securities and Exchange Commission.
The company first sold $600 million of the 10-year notes on Aug. 11 at 98.702 to yield 3.655%, or Treasuries plus 300 bps. The total outstanding is now $750 million.
J.P. Morgan Securities LLC, BofA Securities Inc., Wells Fargo Securities LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC were the bookrunners.
Proceeds will be used for one or more green projects.
Host Hotels is a real estate investment trust based in Bethesda, Md., that owns and operates hotel properties.
| Issuer: | Host Hotels & Resorts, LP
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| Amount: | $150 million reopening
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| Description: | Series I green senior notes
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| Maturity: | Sept. 15, 2030
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| Bookrunners: | J.P. Morgan Securities LLC, BofA Securities Inc., Wells Fargo Securities LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC
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| Co-managers: | Scotia Capital (USA) Inc., Truist Securities, Inc., Jefferies LLC, U.S. Bancorp Investments, Inc., BNY Mellon Capital Markets, LLC, TD Securities (USA) LLC, SMBC Nikko Securities America, Inc. and Credit Agricole Securities (USA) Inc.
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| Coupon: | 3.5%
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| Price: | 98.267
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| Yield: | 3.708%
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| Spread: | Treasuries plus 300 bps
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| Call features: | Make-whole call at Treasuries plus 45 bps; on or after 90 days before maturity at par
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| Trade date: | Aug. 31
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| Settlement date: | Sept. 3
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| Ratings: | Moody’s: Baa3
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| S&P: BBB-
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| Fitch: BBB-
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| Distribution: | SEC registered
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| Total outstanding: | $750 million, including $600 million of notes priced Aug. 11 at 98.702 to yield 3.655%, or Treasuries plus 300 bps
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