Park Hotels recasts credit facilities to $2B, adds $800M delayed draw term loan

Park Hotels & Resorts Inc.

Total capacity increased to $2B: $1B revolver (extended to Sep 2029), $200M 2024 term loan, and $800M delayed draw term loan.
Revolving facility upsized from $950M to $1B, maturity extended from Dec 2026 to Sep 2029; includes extension options.
2025 Term Facility of $800M available for up to 3 draws within one year, matures Jan 2030; tick fee 0.25% on undrawn portion.
Park intends to draw in 2026 to repay $123M Hyatt Regency Boston loan and, with planned financing, $1.275B Hilton Hawaiian Village loan.
Interest rate at SOFR plus margin based on leverage ratio; financial covenants include max leverage 7.25x and fixed charge cover 1.50x.

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