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Hilton firms $3.23 billion term loan B-2 at Libor plus 250 bps
By Sara Rosenberg
New York, Aug. 11 – Hilton Worldwide Finance LLC finalized pricing on its $3,225,000,000 covenant-light term loan B-2 (Ba1/BBB) due October 2023 at Libor plus 250 basis points, the low end of the Libor plus 250 bps to 275 bps range, according to a market source.
The loan still has no Libor floor, a 25 bps extension fee/original issue discount and 101 soft call protection for six months.
Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the bookrunners on the deal.
Proceeds will be used to amend and extend by three years a portion of the company’s existing $4,225,000,000 term loan B.
Hilton is a McLean, Va.-based hospitality company.
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