The Firm recently represented Hilton Escrow Issuer LLC and Hilton Escrow Issuer Corp., as co-issuers in connection with a Rule 144A/Regulation S offering of $1 billion aggregate principal amount of their 4.250% Senior Notes due 2024. The Firm also represented Hilton in connection with an amendment to its existing senior secured credit facilities that, among other things, amended and extended the maturity date of $3.225 billion of outstanding term loans. Following satisfaction of the conditions for the release of the proceeds of the senior notes offering from escrow, Hilton expects to apply a portion of the net proceeds from the senior notes offering to repay approximately $250 million of indebtedness under its senior secured credit facilities and the remainder to repay certain indebtedness of Park Hotels & Resorts Inc. and to fund certain other liabilities and expenses of Park Hotels. The Firm is also representing Hilton in connection with its previously announced spin-offs of Park Hotels and Hilton Grand Vacations.
The co-issuers of the senior notes are indirect subsidiaries of Hilton Worldwide Holdings Inc. (NYSE: HLT). Hilton is a leading global hospitality company, with more than 4,660 managed, franchised, owned and leased hotels and timeshare properties with more than 765,000 rooms in 104 countries and territories. The company's portfolio of brands includes Hilton Hotels & Resorts, Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Canopy by Hilton, Curio - A Collection by Hilton, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, Tru by Hilton, Homewood Suites by Hilton, Home2 Suites by Hilton and Hilton Grand Vacations.
The Simpson Thacher team included: Edgar Lewandowski, Matthew Levy, Hana Nah, Grady Chang and Scott Rudin (Capital Markets – NY); Joshua Ford Bonnie and William Golden (Capital Markets – Washington, D.C.) Brian Gluck, Benjamin Baucom and Katherine Chen (Credit); John Hart, Andrew Purcell and George Davis (Tax); Greg Grogan and Jennifer Pepin (Executive Compensation and Employee Benefits); Adeeb Fadil (Environmental); Erik Quarfordt and Davis Coen (Real Estate); Lori Lesser and Linda Nyberg (IP); and Ellen Smiley (Public Company Advisory Practice).