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Hospitality Properties Trust Closes $400 Million Unsecured Term Loan And Announces Redemption Of 6.85% Senior Notes Due In 2012

First graph, second sentence of release should read: ... on March 13, 2017 (sted ... on March 12, 2017).

The corrected release reads:

HOSPITALITY PROPERTIES TRUST CLOSES $400 MILLION UNSECURED TERM LOAN AND ANNOUNCES REDEMPTION OF 6.85% SENIOR NOTES DUE IN 2012

Hospitality Properties Trust (NYSE: HPT) today announced the closing of a new five year $400 million unsecured term loan. The loan matures on March 13, 2017, and is prepayable, without penalty, at any time. Terms of the new loan include interest at LIBOR plus 145 basis points, subject to adjustments based on changes to HPT's credit ratings. HPT expects to use the net proceeds of the term loan to repay amounts outstanding under its $750 million revolving credit facility, repurchase its 3.80% Convertible Senior Notes due 2027 which are tendered by the holders thereof for repurchase by HPT on their March 20, 2012 repurchase date, redeem its 6.85% Senior Notes due 2012 as described below, and for general business purposes.

Wells Fargo Securities, LLC, PNC Capital Markets, LLC and RBC Capital Markets, LLC served as Joint Lead Arrangers for the term loan, and banks participating in the new loan are as follows:

Name of Institution

                 

Title

Wells Fargo Bank, National Association Administrative Agent
PNC Bank, National Association Syndication Agent
Royal Bank of Canada Syndication Agent
Regions Bank Documentation Agent
Sovereign Bank, N.A. Participant
RBS Citizens, N.A. Participant
The Bank of New York Mellon Participant
Bank of America, N.A. Participant
Citibank, N.A. Participant
UBS Loan Finance LLC Participant
E. Sun Commercial Bank, Ltd., Los Angeles Branch Participant
Land Bank of Taiwan, Los Angeles Branch Participant
Taiwan Cooperative Bank, Los Angeles Branch Participant
Bank of Taiwan, Los Angeles Branch Participant

HPT today also announced that it will redeem all of its outstanding 6.85% Senior Notes due 2012 at a redemption price equal to the principal amount of $100,829,000, plus accrued and unpaid interest to the date of redemption. This redemption is expected to occur on April 11, 2012. HPT expects to fund this redemption from proceeds of the $400 million term loan.

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