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MeriStar Hospitality Plans to Sell $300 Mil of High-Yield Notes

WASHINGTON, DC-MeriStar Hospitality Corporation will soon set pricing on the sale of $300 million in high-yield notes. Foreign investors seem the target since these securities will not be registered under the Securities Act.

By Diane Cook | Updated on January 18, 2001

WASHINGTON, DC-A locally-based hotel REIT will soon sell $300 million in high-yield notes. According to a Jan. 17 announcement from MeriStar Hospitality Corporation, the nation’s third largest REIT will set the pricing by the end of the week. The sales seems to be targeting foreign investors since these securities will not be registered under the Securities Act, and they may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

“Without registration under the Securities Act and without exemptions, it looks like the only buyers would be foreign investors,” says David F. Boothe, an investment representative for Edward Jones.

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