Hilton to price $500 million five-year notes in Thursday drive-by

By Paul A. Harris

Portland, Ore., April 16 – Hilton Hotels & Resorts plans to place $500 million of five-year senior notes (existing rating Ba2/confirmed BB) in a Thursday drive-by following a late-morning conference call with investors, according to a syndicate source.

BofA Securities Inc. is the left bookrunner. Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are the joint bookrunners.

Capital One Securities Inc., Credit Agricole CIB, HSBC Securities (USA) Inc., MUFG, NatWest, PNC Capital Markets LLC, Standard Chartered Bank, SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc. are the co-managers.

The Rule 144A for life notes become callable after two years at par plus 50% of the coupon.

The issuing entity will be Hilton Domestic Operating Co. Inc.

The McLean, Va.-based hospitality company plans to use the proceeds for general corporate purposes.

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