Host Hotels & Resorts Inc., through its partnership entity Host Hotels & Resorts, L.P., has successfully completed an underwritten public offering of $500 million in Series M senior notes, bearing an interest rate of 5.700% and maturing in 2032. The company plans to utilize the net proceeds from this offering, complemented by existing cash reserves, to fully redeem its outstanding $500 million of 4.000% Series E senior notes due in 2025. This move is part of Host L.P.'s strategic refinancing efforts. The issuance aligns with the company's adherence to financial covenants, including maintaining a minimum EBITDA-to-interest coverage ratio of 1.5x and other leverage metrics, ensuring financial stability and compliance with its Indenture agreements.
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