S&P applies BB+ to Hilton notes

S&P said it assigned a BB+ issue-level rating and 4 recovery rating to Hilton Worldwide Holdings Inc.'s subsidiary co-borrowers Hilton Worldwide Finance LLC and Hilton Worldwide Finance Corp.'s proposed $1.5 billion aggregate unsecured notes due 2025 and 2027.

Proceeds will be used to refinance the company's existing $1.5 billion senior notes due 2021, and recovery prospects for senior noteholders are unchanged.

The 4 recovery rating on the unsecured notes reflects the expectation for average (30%-50%; rounded estimate: 30%) recovery for lenders in the event of a simulated payment default.

© 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.