BETHESDA, MD LaSalle Hotel Properties refinanced its 1990 Port Authority Special Project Revenue Bonds worth $40 million with $37.1 million of tax-exempt, and $5.4 million of taxable Massachusetts Port Authority Special Project Revenue Refunding Bonds. The new bonds will have a weekly floating interest rate versus a 10% fixed rate for the 1990 bonds.
The new bonds are secured by letters of credit issued by GE Capital Corp. and received a rating of AAA/A-1+ from Standard and Poor s. Lehman Brothers acted as the underwriter for the issuance. The first call date for the 1990 bonds, which required a 2% call premium, was March 1. (3/1/01)