Hilton Worldwide to sell $1 billion notes in two tranches on Monday

By Paul A. Harris

Portland, Ore., Nov. 16 – Hilton Worldwide Holdings Inc. plans to price $1 billion of senior notes (Ba2/BB) in two tranches via indirect subsidiary Hilton Domestic Operating Co. Inc. in a Monday drive-by, according to market sources.

The Rule 144A and Regulation S deal features 8.5-year notes with 3.5 years of call protection, in the market with initial guidance in the high 3% area.

The offering also features 10.5-year notes with 5.5 years of call protection and initial talk of 4%.

Tranche sizes remain to be determined.

J.P. Morgan Securities LLC is leading the sale.

The McLean, Va.-based hospitality company plans to use the proceeds to redeem all of its outstanding 4¼% senior notes due 2024.

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