Park Hotels launches $450M senior notes offering and tender for $650M 7.5% notes due 2025

Park Hotels & Resorts Inc.

Issuers to offer $450M aggregate principal amount of senior notes due 2030 to refinance 2025 notes.
Concurrent cash tender offer for any and all outstanding $650M 7.500% senior notes due 2025.
Tender offer expires May 13, 2024; settlement expected May 16, 2024; Financing Condition requires at least $650M debt financing.
Proceeds from notes and a new unsecured term loan will fund the tender offer, redemption of untendered notes, and fees.
Notes offered only to QIBs and non-U.S. persons under Rule 144A/Regulation S; not registered under Securities Act.

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