New Issue: Host Hotels sells $400 million 3.75% 10-year senior notes at Treasuries plus 185 bps

By Aleesia Forni and Andrea Heisinger

New York, March 19 - Host Hotels & Resorts, LP priced $400 million of 3.75% 10-year series D senior notes (Baa3/BBB-/) in Tuesday's session to yield Treasuries plus 185 basis points, according to an informed source and an FWP filing with the Securities and Exchange Commission.

Pricing was at 99.946 to yield 3.756%. There is a make-whole call at Treasuries plus 30 bps to July 15, 2023, with a par call after that date.

The sale was run by J.P. Morgan Securities LLC, Goldman Sachs & Co., BofA Merrill Lynch and Deutsche Bank Securities Inc.

Proceeds, along with cash on hand, will be used to redeem outstanding amounts of $400 million of 9% series T notes due 2017 at a price of $418 million.

The real estate investment trust for lodging properties is based in Bethesda, Md.

Issuer:	Host Hotels & Resorts, LP
Issue:	Series D senior notes
Amount:	$400 million
Maturity:	Oct. 15, 2023
Bookrunners:	J.P. Morgan Securities LLC, Goldman Sachs & Co., BofA Merrill Lynch, Deutsche Bank Securities Inc.
Co-managers:	Wells Fargo Securities, LLC, BNY Mellon Capital Markets, LLC, Credit Agricole Securities (USA) Inc., Scotia Capital (USA) Inc., RBC Capital Markets, LLC, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, PNC Capital Markets LLC, Regions Securities LLC
Coupon:	3.75%
Price:	99.946
Yield:	3.756%
Spread:	Treasuries plus 185 bps
Call:	Make-whole at Treasuries plus 30 bps to July 15, 2023, par call after
Trade date:	March 19
Settlement date:	March 28
Ratings:	Moody's: Baa3
	Standard & Poor's: BBB-

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