...NEW YORK (Standard & Poor's) May 6, 2015--Standard & Poor's Ratings Services today assigned Bethesda, Md.-based Host Hotels & Resorts L.P.'s proposed $400 million series E senior notes due 2025 a '###' issue-level rating. The recovery rating is '1', indicating our expectation for very high (90% to 100%) recovery for lenders in the event of a payment default. The company will use a combination of the proceeds from the debt issuance and cash on hand to redeem its outstanding 5.875% $500 million series X notes due 2019, at an aggregate redemption price of $515 million. The proposed senior notes and the company's existing senior notes and debenture indentures have released former subsidiary guarantees and stock pledges under provisions in the indentures that require the same guarantees and collateral provided to the revolving credit facility. Effectively, the existing senior notes are currently unsecured. However, if Host's leverage ratio exceeds 6x for two consecutive fiscal quarters at a...
