secwatch.observer — SEC 8-K summary
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Issuer:     Park Hotels & Resorts Inc. (PK)
CIK:        0001617406
Form:       8-K
Filed at:   2024-05-16T23:59:59+00:00
Accession:  0001617406-24-000056
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Park Hotels issues $550M 7.000% notes due 2030 and $200M term loan to refinance 2025 notes
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- Issued $550M 7.000% senior notes due 2030; also closed $200M unsecured term loan due 2027.
- Proceeds used to purchase $311.5M of outstanding 7.500% 2025 notes tendered; remaining to be redeemed June 1, 2024.
- Term loan bears interest at SOFR + 1.40%-2.70% or base rate + 0.40%-1.70%; no mandatory amortization.
- New credit amendment excludes Hilton San Francisco Union Square and Parc 55 from leverage ratio calculations.
- No change to $950M revolver; borrowings outstanding zero, $4M in letters of credit.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1617406/000161740624000056/0001617406-24-000056-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1617406/000161740624000056/pk-20240516.htm
  HTML page:      https://secwatch.observer/filing/0001617406-24-000056

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