Park Hotels & Resorts Inc. Announces Upsizing and Pricing

Park Hotels & Resorts Inc. Announces Upsizing and Pricing

News Highlights

TYSONS, Va., May 11, 2021 (News) — Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE: PK) announced today that certain of its subsidiaries, Park Intermediate Holdings LLC (the “Operating Company”), PK Domestic Property LLC (“PK Domestic LLC”) and PK Finance Co-Issuer Inc. (together with the Operating Company and PK Domestic LLC, the “Issuers”), priced an offering of $750 million aggregate principal amount of 4.875% senior secured notes due 2029 (the “Notes”) at a price equal to 100% of face value. The Notes will pay interest semi-annually in arrears, at a rate of 4.875% per year, and will mature on May 15, 2029. The Notes will be guaranteed by Park and certain subsidiaries of the Operating Company that guarantee the Company’s senior credit facilities and existing senior secured notes due 2025 and 2028. The Notes will be secured, subject to permitted liens, by a first priority security interest in all of the capital stock of certain wholly owned subsidiaries of certain of the guarantors and PK Domestic LLC, which collateral also secures the obligations under the Company’s senior credit facilities and existing senior secured notes due 2025 and 2028 on a first priority basis.

The offering has been upsized from the previously announced amount of $650 million. The Issuers intend to use the proceeds of the offering to repay a portion of the amounts outstanding under the Company’s revolving credit facility and to repay a portion of the Company’s term loan facility entered into in 2019 and maturing in August 2024. The Issuers anticipate that consummation of the offering will occur on May 14, 2021, subject to customary closing conditions.

The Notes and the related guarantees have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws. The Notes may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Notes will be offered only to persons reasonably believed to be “qualified institutional buyers” in reliance on the exemption from registration provided by Rule 144A under the Securities Act and to certain non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act.

This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act, and it is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to Park’s current expectations regarding the performance of its business, financial results, liquidity and capital resources, the effects of competition and the effects of future legislation or regulations, the expected completion of anticipated dispositions, the declaration and payment of future dividends, and other non-historical statements. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by the use of forward-looking terminology such as the words “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “hopes” or the negative version of these words or other comparable words. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events. Currently, one of the most significant factors continues to be the adverse effect of COVID-19, including possible resurgences, on the Company’s financial condition, results of operations, cash flows and performance, its hotel management companies and its hotels’ tenants, and the global economy and financial markets. COVID-19 has significantly affected the Company’s business, and the extent to which COVID-19 continues to affect the Company, its hotel managers, tenants and guests at the Company’s hotels will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its effect, the emergence of virus variants, the efficacy, availability and deployment of vaccinations and other treatments to combat COVID-19, including public adoption rates of COVID-19 vaccines, additional closures that may be mandated or advisable even after the reopening of certain of the Company’s hotels on a limited basis, whether due to an increased number of COVID-19 cases or otherwise, and the direct and indirect economic effects of the pandemic and containment measures, among others. Moreover, investors are cautioned to interpret many of the risks identified in the risk factors included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 as being heightened as a result of the ongoing and numerous adverse impacts of COVID-19.

Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in these forward-looking statements. You should not put undue reliance on any forward-looking statements and Park urges investors to carefully review the disclosures Park makes concerning risk and uncertainties in Item 1A: “Risk Factors” in Park’s Annual Report on Form 10-K for the year ended December 31, 2020, as such factors may be updated from time to time in Park’s filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Except as required by law, Park undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

For more information, contact:Ian WeissmanSenior Vice President, Corporate Strategy571-302-5591iweissman@pkhotelsandresorts.com

  • Check the latest Business news updates and information updates.
  • Please share this news Park Hotels & Resorts Inc. Announces Upsizing and Pricing with your friends and family to support us your one share helps us a lot.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Docugraphics Appoints Vice President of Sales |  local business news

Docugraphics Appoints Vice President of Sales | local business news

Docugraphics was founded in 2002 and is based in Charleston. Redler said he is “thrilled to lead our sales team to deliver innovative office technology ...
Babylon’s Fall co-op action game finally receives game trailer

Babylon’s Fall co-op action game finally receives game trailer

Babylon’s Fall was first announced at Square Enix’s E3 conference in 2018, where it was confirmed for PS4 and PC. Little else has been heard about the game, ...
Jack Sparrow is arriving at the Sea of ​​Thieves on June 22nd

Jack Sparrow is arriving at the Sea of ​​Thieves on June 22nd

In the new Sea of Thieves: A Pirate’s Life expansion, you’ll work to free Jack Sparrow from prison and avoid pursuit from the famous Pirates of the ...
Polk County Health Department Restaurant Scores in the Wednesday, June 16, 2021 Issue Location

Polk County Health Department Restaurant Scores in the Wednesday, June 16, 2021 Issue Location

June 7, 2021 — Rockmart Health, LLC — 528 Hunter St., Rockmart — 96 June 7, 2021 — Bojangle’s Famous Chicken N’ Biscuits — 999 Nathan Dean Parkway, Rockmart — ...
Statement by the Director of Public Health of Canada on June 13, 2021

Statement by the Director of Public Health of Canada on June 13, 2021

As immunity is still building up across the population, public health measures and individual precautions remain crucial for COVID-19 control. Thanks to ...
What Financial Institutions Should Know About Inflation Now

What Financial Institutions Should Know About Inflation Now

Banker Tracy Bacon, COO and previously CFO at FirstCapital Bank of Texas, remembers those days — though not as a banker. She entered banking in 1989, after ...
Kenmore Farmer’s Market Provides a Boost for Local  News

Kenmore Farmer’s Market Provides a Boost for Local News

Source www.wivb.com “We’re really excited to be back. Every year we’re continuing to grow. We’re starting off today with about 30 vendors. Produce and local ...
Metamora grocery store raises money for pediatric cancer

Metamora grocery store raises money for pediatric cancer

Source hoiabc.com “This little girl, had cancer. She just wanted to help other kids. It was so selfless, and that’s what inspired me,” IGA employee Sean ...
The most anticipated WWDC 2021 announcements from Apple for iPhone, Mac, and more

Apple has released video summaries of the fourth and fifth days of the WWDC 2021 conference

The pair of videos follows video recaps of the first, second, and third days of Apple’s Worldwide Developers Conference. Apple has shared video recaps ...
ADRIAN SMITH: Advocating rural health care |  Representatives

ADRIAN SMITH: Advocating rural health care | Representatives

Source In addition to CMMI, the hearing brought other opportunities to discuss the needs of Nebraska’s health care providers. In a district as rural as ...
Show next
Compsmag - Latest News from tech, business and health
Logo