Park Hotels & Resorts Inc Announces Closing of $550 Million of 7.000% Senior Notes Due 2030

Core Viewpoint - Park Hotels & Resorts Inc. successfully completed an offering of $550 million in senior notes, enhancing its liquidity and extending debt maturities [1][3]. Group 1: Offering Details - The offering consisted of $550 million aggregate principal amount of 7.000% senior notes due 2030, which will pay interest semi-annually and mature on February 1, 2030 [1]. - The notes are guaranteed by Park and certain subsidiaries, ensuring the company's credit agreement and existing senior notes due in 2025, 2028, and 2029 are backed [1]. Group 2: Use of Proceeds - The net proceeds from the offering, along with a new $200 million unsecured term loan, will be used to purchase all $650 million of the 7.500% Senior Notes due 2025 that were tendered in a cash tender offer and to redeem any remaining notes [2]. - Remaining proceeds will be allocated for general corporate purposes and to cover related fees and expenses [2]. Group 3: Management Commentary - The CEO expressed satisfaction with the execution of the offering, noting that it increases the company's liquidity position to $1.4 billion and provides flexibility for the balance sheet [3]. - Upon repayment of the 2025 Notes, the company will not face significant maturities until 2026, improving its financial stability [3].