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Xenia Hotels & Resorts Announces Proposed Offering of Senior Secured Notes

ORLANDO, Fla., Oct. 14, 2020 /PRNewswire/ — Xenia Hotels & Resorts, Inc. (NYSE:XHR) (“Xenia” or the “Company”) today announced that its operating partnership, XHR LP (the “Issuer”), intends to offer, subject to market conditions and other factors, $150 million aggregate principal amount of its 6.375% senior secured notes due 2025 (the “Notes”). The Notes will be senior secured obligations of the Issuer and will be fully and unconditionally guaranteed by the Company and certain of the Issuer’s subsidiaries that incur or guarantee the credit facilities or certain other indebtedness of the Issuer.  The Issuer intends to use the net proceeds of the offering to repay borrowings under certain of the Company’s credit facilities and for general corporate purposes.

The Notes are being offered as “additional notes” under an existing indenture, dated August 18, 2020, pursuant to which the Issuer previously issued $300 million in aggregate principal amount of its 6.375% senior secured notes due 2025 (the “Existing Notes”). The Notes will have identical terms (other than issue date and offering price) as the Existing Notes.

The Notes and the related guarantees have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), any state securities laws or the securities laws of any other jurisdiction. The Notes may not be offered or sold in the United States absent registration or pursuant to an exemption from, or in a transaction not subject to, registration. The Notes will be offered and sold only to persons reasonably believed to be “qualified institutional buyers” in accordance with Rule 144A under the Securities Act and to certain non-U.S. persons in offshore transactions in reliance on Regulation S under the …

Full story available on Benzinga.com

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