Hilton launches $2.87 billion term loan B extension

By Paul A. Harris

Portland, Ore., June 10 – Hilton Worldwide Holdings Inc. was scheduled to launch a proposal to extend the maturity date of $2.869 billion of its term loan B (Baa3/BBB-) to 2026 on a Monday investor call, according to a market source.

The deal is priced at Libor plus 175 basis points and comes with 101 soft call protection for six months.

Price talk is for a 25 bps to 50 bps discount plus an extension fee.

Commitments are due at 5 p.m. ET on Friday.

Deutsche Bank Securities Inc. is the left bookrunner. Goldman Sachs & Co. is the joint bookrunner.

The deal comes with no financial covenants.

The borrower is a McLean, Va.-based hospitality company.

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