secwatch.observer — SEC 8-K summary
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Issuer:     Park Hotels & Resorts Inc. (PK)
CIK:        0001617406
Form:       8-K
Filed at:   2022-12-02T23:59:59+00:00
Accession:  0000950170-22-025964
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1617406/000095017022025964/0000950170-22-025964-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1617406/000095017022025964/pk-20221201.htm
  HTML page:      https://secwatch.observer/filing/0000950170-22-025964

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