Park Hotels & Resorts Purchases $311M in Senior Notes

By Bobby Samwell • Friday, May 17 11:11 • Permanent Link

Park Hotels & Resorts Inc. ("Park") (NYSE: PK) has announced the final results of its tender offer to purchase for cash its outstanding 7.500% senior notes due 2025. The tender offer expired at 5:00 p.m., New York City time, on May 13, 2024. On May 16, 2024, the issuers purchased $311,473,000 in principal amount of the notes that were validly tendered and not validly withdrawn or with respect to which a properly completed and duly executed notice of guaranteed delivery was delivered at or prior to the expiration time.

The following table sets forth details regarding the total aggregate principal amount of the notes validly tendered and not validly withdrawn or with respect to which a properly completed and duly executed notice of guaranteed delivery was delivered at or prior to the expiration time and the principal amount of the notes that will be accepted for purchase by the issuers today:

Title of Security: 7.500% Senior Notes due 2025
CUSIP Numbers/ISINs: 144A: 70052LAA1 / US70052LAA17; Reg S: U7013LAA8 / USU7013LAA80
Principal Amount Outstanding: $650,000,000
Principal Amount Tendered: $311,473,000
Principal Amount to be Accepted on 5/16/2024: $311,473,000

Additionally, on May 16, 2024, the issuers issued a notice of redemption for all of the notes outstanding following the settlement of the tender offer at a redemption price of 100.000% of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the redemption date (expected to be June 1, 2024) pursuant to the terms of the indenture governing the notes. Following the redemption on the redemption date, the issuers will no longer have any notes outstanding.

Wells Fargo Securities, LLC served as the dealer manager for the tender offer, and Global Bondholder Services Corporation served as the tender and information agent for the tender offer.

Park Hotels & Resorts Inc. is one of the largest publicly traded lodging REITs, with a diverse portfolio of 43 premium-branded hotels and resorts with over 26,000 rooms located in prime city center and resort locations. Following these announcements, the company's shares moved 0.0%, and are now trading at a price of $16.41. Check out the company's full 8-K submission here.

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