Hilton Worldwide prepares new two-part $2.62 billion refinancing loan

Chicago, Oct. 30 – Hilton Worldwide Finance LLC held a lender call on Monday for a new two-part refinancing credit facility (Baa2/BBB-), according to a market source.

The deal includes a $1 billion term loan B amendment and extension and a new $1.619 billion seven-year term loan B.

The amended loan would be due June 2028, representing as a two-year extension on the present facility.

Price talk is SOFR plus 175 basis points on the amended loan and SOFR plus 200 bps on the new loan, in both cases with a 0% floor and 10 bps CSA. The 0% floor and 10 bps CSA are in line with pricing on the company’s existing term loan.

There is 101 soft call protection on both parts for six months.

The original issue discount is expected to be 99.5.

Deutsche Bank is working as the left lead.

The commitment deadline is noon ET on Thursday.

Proceeds will be used to refinance Hilton’s existing term loan B.

The hospitality company is based in McLean, Va.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.