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Hilton Worldwide Prices $1B High Yield Bond Offering

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Hilton Worldwide Prices $1B High Yield Bond Offering

hilton logoHilton Worldwide’s upsized $1 billion offering of eight-year (non-call three) notes priced this afternoon at par, and at the low end of talk, for a yield of 4.25%. Bank of America Merrill Lynch was lead bookrunner for the 144A notes, and shopped the offering with joint bookrunners Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan Stanley, and Wells Fargo Securities. Hilton has said that the proceeds will be used for the partial repayment of the company’s existing debt. Terms:

Issuer Hilton Worldwide
Ratings BB+/Ba3
Amount $1 billion
Issue senior notes (144A)
Coupon 4.25%
Price 100%
Yield 4.25%
Spread T+277 bps
Maturity Sept. 1, 2024
Call non-call three
Trade Aug. 8, 2016
Settle Aug. 18, 2016
Joint Leads
Price talk 4.375% area
Notes first call at par plus 50% coupon; 40% equity claw; upsized from $750 million.

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