trending Market Intelligence /marketintelligence/en/news-insights/trending/xOiwtDfFwyVVkghbEX_H1A2 content esgSubNav
In This List

Hilton real estate spinoff obtains up to $1B revolver, $750M term loan facility


Bank failures: The importance of liquidity and funding data


A Cloud Migration Plan for Corporations featuring Snowflake®


Essential IR Insights Newsletter - February 2023


IR in Focus | Episode 2: Sustainability and Governance Regulations Deep Dive

Hilton real estate spinoff obtains up to $1B revolver, $750M term loan facility

Hilton Worldwide Holdings Inc.'s proposed real estate spinoff, Park Hotels & Resorts Inc., and one of its units entered into a credit agreement for senior unsecured credit facilities comprising an up to $1.0 billion revolver and a $750.0 million term loan facility.

The revolver will mature Dec. 24, 2020, with two six-month extension options, while the term loan facility will mature Dec. 24, 2021.

The credit agreement includes the option to upsize the revolver and enter into additional incremental term loan credit facilities in an aggregate commitment or principal amount not to exceed $500.0 million of such increases. According to Park Hotels, borrowings under the revolver are not permitted until the completion of its spin-off from Hilton.

The term loan facility was advanced in full Dec. 28, the closing date of the agreement. Park Hotels used the proceeds to repay certain existing debt, to pay transaction-related expenses, and for other general corporate purposes.

Wells Fargo Bank NA was the administrative agent, while Bank of America NA and JPMorgan Chase Bank NA were the syndication agents.

Barclays Bank PLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA and Morgan Stanley Senior Funding Inc. were the documentation agents, while The Bank of New York Mellon, Citibank NA, PNC Bank NA and Royal Bank of Canada were the senior managing agents.