Hyatt Hotels preps sale of 10-year senior notes for Tuesday pricing

By Andrea Heisinger

New York, May 7 - Hyatt Hotels Corp. is planning a sale of 10-year senior notes (Baa2/BBB/) for Tuesday's session, according to a 424B5 filing with the Securities and Exchange Commission.

The notes feature a change-of-control put at 101%. There will be a make-whole call over Treasuries until three months prior to maturity and then a redemption at par.

Goldman Sachs & Co., J.P. Morgan Securities LLC and SunTrust Robinson Humphrey Inc. are the bookrunners.

Proceeds will be used to pay the redemption price in connection with the redemption of notes due 2015 and to repurchase notes due 2019 tendered for in a cash offer, along with accrued and unpaid interest on the existing notes and related fees and expenses.

The Chicago-based hospitality company last tapped the U.S. bond market with a $500 million offering in two tranches on Aug. 4, 2011. That sale included a 5.375% 10-year note sold at 300 basis points over Treasuries.

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