Park Hotels upsizes senior notes offering to $550M at 7% due 2030

Park Hotels & Resorts Inc.

Issued $550M of 7.000% senior notes due 2030 (upsized from $450M); priced at 100% of face value.
Proceeds plus new $200M+ unsecured term loan to refinance all $650M of existing 7.500% notes due 2025.
Concurrent tender offer for any and all 2025 notes; untendered notes will be redeemed.
Interest payable semi-annually, notes mature February 1, 2030; closing expected May 16, 2024.
Issuers are subsidiaries Park Intermediate Holdings LLC, PK Domestic Property LLC and PK Finance Co-Issuer Inc.

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