NEWTON, Mass., Apr 12, 2010 (BUSINESS WIRE) -- Hospitality Properties Trust (NYSE: HPT) today announced the completion
of its previously announced cash tender offer for any and all of the
approximately $265 million outstanding principal amount of its 3.80%
Convertible Senior Notes due 2027 (the "Notes"). The tender offer
expired on April 9, 2010 at Midnight, New York City time.
Pursuant to the terms of the offer, $139.1 million aggregate principal
amount of the Notes representing 52.5% of the aggregate principal amount
of the outstanding Notes prior to the offer were accepted for purchase.
HPT expects to make payment of the aggregate consideration of
approximately $139.5 million including accrued and unpaid interest on
the validly tendered Notes on April 13, 2010 using cash on hand. After
giving effect to the purchase of the tendered Notes, approximately
$125.6 million aggregate principal amount of the Notes will remain
outstanding.
BofA Merrill Lynch, BNY Mellon Capital Markets, LLC and Citi acted as
Dealer Managers for the tender offer and D.F. King & Co., Inc. acted as
the Information Agent and Depository for the tender offer.
This press release is for informational purposes only and is not an
offer to buy or the solicitation of an offer to sell the Notes. The
Tender Offer was made only pursuant to the Offer to Purchase and related
Letter of Transmittal that HPT filed with the Securities and Exchange
Commission and disseminated to holders of the Notes.
A Maryland Real Estate Investment Trust with transferable shares of
beneficial interest listed on the New York Stock Exchange.
No
shareholder, Trustee or officer is personally liable for any act or
obligation of the Trust.
SOURCE: Hospitality Properties Trust
Hospitality Properties Trust
Timothy A. Bonang, Vice President, Investor Relations
Carlynn Finn, Manager, Investor Relations
617-796-8232
www.hptreit.com
Copyright Business Wire 2010