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Park Hotels signs $950M loan agreement to fund Chesapeake acquisition

Park Hotels & Resorts Inc. signed a $950 million unsecured delayed draw term loan agreement to help finance its acquisition of Chesapeake Lodging Trust.

The term facility comprises a $100 million two-year tranche and an $850 million five-year tranche.

The funding of the term facility is contingent upon the satisfaction of customary conditions related to the merger, and Park Hotels expects only the $850 million tranche to be drawn on the date of the consummation of the Chesapeake acquisition. The $100 million two-year tranche would be canceled in such a case.

The financing was led by Bank of America NA, which will serve as administrative agent.