By Paul A. Harris
Portland, Ore., Aug. 8 – Hilton Worldwide Holdings Inc. priced an upsized $1 billion issue of eight-year senior notes (Ba3/BB+) at par to yield 4¼% on Monday, according to a market source.
The issue size was increased from $750 million.
The yield printed at the tight end of yield talk in the 4 3/8% area, and inside of the 4½% to 4¾% initial guidance.
BofA Merrill Lynch, Deutsche Bank Securities Inc., Goldman Sachs & Co., JP Morgan Securities LLC, Morgan Stanley and Co. and Wells Fargo Securities LLC were the joint bookrunners.
The McLean, Va.-based hospitality company plans to use the proceeds to refinance debt.
| Issuer: | Hilton Worldwide Holdings Inc.
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| Amount: | $1 billion, increased from $750 million
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| Maturity: | Sept. 1, 2024
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| Securities: | Senior notes
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| Bookrunners: | BofA Merrill Lynch, Deutsche Bank Securities Inc., Goldman Sachs & Co., JP Morgan Securities LLC, Morgan Stanley and Co. and Wells Fargo Securities LLC
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| Coupon: | 4¼%
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| Price: | Par
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| Yield: | 4¼%
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| Spread: | 277 bps
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| Call protection: | Three years
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| Trade date: | Aug. 8
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| Settlement date: | Aug. 18
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| Ratings: | Moody’s: Ba3
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| Standard & Poor’s: BB+
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| Distribution: | Rule 144A
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| Price talk: | 4 3/8% area
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| Marketing: | Quick to market
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