Hilton Worldwide lifts revolver to $1.75 billion, extends to 2024

By Sarah Lizee

Olympia, Wash., June 7 – Hilton Worldwide Holdings Inc. subsidiary Hilton Worldwide Finance LLC entered into an amendment to its credit agreement on Wednesday, increasing the revolving commitments to $1.75 billion from $1 billion, according to an 8-K filing with the Securities and Exchange Commission.

The revolver was extended to June 5, 2024.

Interest was changed to Libor plus 100 basis points to 175 bps, based on first-lien net leverage ratios.

There is a 12.5 bps commitment fee on unused commitments.

The letter-of-credit sublimit was lifted to $250 million from $150 million, and the swingline facility sublimit was increased to $100 million from $50 million.

The company is required to maintain a consolidated secured net leverage ratio not to exceed 5 to 1.

The financial covenant under the revolver was amended so that the financial covenant will be tested as of the last day of any period of four consecutive fiscal quarters, regardless of the amount of use of the revolver on the related date.

Other terms of the credit agreement are unchanged, the filing noted.

Deutsche Bank AG New York Branch is the administrative agent.

Hilton is a McLean, Va.-based hospitality company.

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