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Hilton Worldwide to launch $3.92 billion term loan B on Wednesday
By Sara Rosenberg
New York, April 3 – Hilton Worldwide Finance LLC is scheduled to hold a lender call at 3 p.m. ET on Wednesday to launch a $3,919,000,000 covenant-light term loan B (Ba1/BBB-) due Oct. 25, 2023, according to a market source.
Deutsche Bank Securities Inc. is the bookrunner on the deal.
Price talk on the term loan B is Libor plus 175 basis points with a 0% Libor floor and a par issue price, the source said.
The term loan has 101 soft call protection for six months.
Proceeds will be used to reprice an existing term loan down from Libor plus 200 bps with a 0% Libor floor.
Commitments are due at noon ET on April 11, the source added.
Hilton is a McLean, Va.-based hospitality company.
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