PK - Park Hotels & Resorts Inc. Announces Tender Offer for Any and All of Its 7.500% Senior Notes Due 2025 | Benzinga
TYSONS, Va., May 02, 2024 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. ("Park") (NYSE:PK) announced today that its subsidiaries, Park Intermediate Holdings LLC, a Delaware limited liability (the "Company"), PK Domestic Property LLC, a Delaware limited liability company, and PK Finance Co-Issuer Inc., a Delaware corporation (collectively, the "Issuers"), commenced a tender offer to purchase for cash (the "Tender Offer"), subject to certain terms and conditions, any and all of their outstanding 7.500% Senior Notes due 2025 (the "Notes"), at the price set forth below.
The Tender Offer is scheduled to expire at 5:00 p.m., New York City time, on May 13, 2024 (the "Expiration Time"), unless extended or earlier terminated by the Issuers. The Tender Offer is being made pursuant to an Offer to Purchase and related Notice of Guaranteed Delivery, each dated May 2, 2024 (together, the "Tender Offer Materials"), which set forth a more detailed description of the terms and conditions of the Tender Offer. Holders of the Notes are urged to carefully read the Tender Offer Materials before making any decision with respect to the Tender Offer.
The following table sets forth certain terms of the Tender Offer:
| Title of Security |
| CUSIP Numbers/ISINs: |
| Principal Amount Outstanding |
| Tender Offer Consideration(1)(2) |
| 7.500% Senior Notes due 2025 |
| 144A: 70052LAA1 / US70052LAA17 Reg S: U7013LAA8 / USU7013LAA80 |
| $650,000,000 |
| $1,000.81 |
____________
| (1) |
| Excludes accrued and unpaid interest up to, but not including, the Settlement Date (as defined below), which will be paid in addition to the Tender Offer Consideration (as defined below). |
| (2) |
| Per $1,000 principal amount of Notes validly tendered and accepted. |
Subject to the terms and conditions of the Tender Offer, holders of the Notes who validly tender and do not subsequently validly ...