Park Hotels enters new $950M unsecured revolving credit facility, repays $78M term loan

Park Hotels & Resorts Inc.

New $950M unsecured revolver replaces $901M prior facility; matures Dec 1, 2026 with extension options.
Borrowing capacity can increase by up to $500M if lenders agree to provide additional commitments.
$50M drawn at closing plus cash used to repay all $78M outstanding under existing Term Loan Agreement.
Interest rate margins: base rate 0.45%-1.75%, SOFR 1.45%-2.75%, based on leverage ratio; unused fee 0.20%-0.30%.
Financial covenants include max leverage 8.00x stepping down to 7.25x by March 2024; other coverage and secured debt ratios.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Park Hotels & Resorts Inc. amended Credit Agreement with Wells Fargo Bank, National Association (as administrative agent) and the financial institutions party thereto as lenders and agents valued at $950 million (effective 2022-12-01).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association (as administrative agent) and the financial institutions party thereto as lenders and agents
Value: $950 million
Effective: 2022-12-01

Exact text from the filing

On December 1, 2022, Park Hotels and Resorts Inc., a Delaware corporation, as parent (“Park”), PK Domestic Property LLC, a Delaware limited liability company and indirect subsidiary of Park (“PK Domestic”), and Park Intermediate Holdings LLC, a Delaware limited liability company and direct subsidiary of Park (“PIH” and together with PK Domestic, the “Borrowers”), entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, and the financial institutions party thereto as lenders and agents as set forth in the Credit Agreement.

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Park Hotels & Resorts Inc. filing history →

Source: SEC EDGAR

accession 0000950170-22-025964

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