New York, Nov. 21 - Hilton Hotels Corp. said it has priced a $500 million offering of unsecured floating-rate notes due 2013 with a coupon of Libor plus 450 basis points.
The securities were sold in a private placement under section 4(2).
They are callable after five years.
Proceeds will be used repay secured mezzanine loans obtained to help fund the acquisition of Hilton by investment funds affiliated with Blackstone Group.
The name of the placement agent was not released.
Hilton is a Beverly Hills, Calif., hotel operator.
| Issuer: | Hilton Hotels Corp.
|
| Issue: | Unsecured floating-rate notes
|
| Amount: | $500 million
|
| Maturity: | Nov. 15, 2013
|
| Coupon: | Libor plus 450 bps
|
| Price: | Par
|
| Call: | Make-whole call at Treasuries plus 50 bps until Nov. 15, 2011, from Nov. 15, 2011 at par
|
| Announcement date: | Nov. 21
|
| Settlement: | Nov. 28
|
| Distribution: | Private placement
|
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