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Hyatt Hotels settles tenders for 21.6% of 6.875% notes due 2019
By Susanna Moon
Chicago, May 15 - Hyatt Hotels Corp. said holders tendered $54,087,000, or 21.6%, of its $250 million outstanding principal amount of 6.875% senior notes due 2019 in the cash tender offer that ended at 5 p.m. ET on May 14.
The company planned to settle the tendered notes on May 15, according to a press release.
The tally remains unchanged as of 5 p.m. ET on May 3, the early tender deadline.
As noted before, holders who tendered their notes by the early tender date will receive the total payout of $1,229.20 for each $1,000 principal amount of notes, which includes an early tender premium of $30.00 per $1,000 of notes.
Pricing was set at 2 p.m. ET on May 3 using a reference yield based on the bid side price of the 2% U.S. Treasury security due Feb. 15, 2023 plus a fixed spread of 110 basis points.
Those who tendered after the early deadline would have received the offer payment of $1,199.20 per $1,000 of notes, or the total payment less the early tender premium.
The company will also pay accrued interest up to the settlement date.
The offer began on April 25, and tendered notes could not be withdrawn after the early deadline.
The tender offer was conditioned on Hyatt receiving proceeds from new debt sufficient to fund the offer. Hyatt Hotels sold $350 million of 3.375% 10-year senior notes on May 7, as reported by Prospect News.
J.P. Morgan Securities LLC (866 834-4666 or 212 834-4811) and SunTrust Robinson Humphrey, Inc. (800 685-4786 or 404 926-5051) are the dealer managers. D.F. King & Co., Inc. (800 488-8095 or 212 269-5550) is the information agent and tender agent.
Hyatt is a Chicago-based hospitality company.
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