News for the Hospitality Executive
Hilton Cuts Debt by Almost $4 billion
through a Restructuring
MCLEAN, Va. - April 8, 2010 - Hilton Worldwide announced today that it has completed a restructuring of substantially all of its existing debt. The restructuring extends the maturity of this debt until November 2015 and reduces the company’s total debt by nearly $4 billion. The transaction was effected through the purchase and retirement of $1.8 billion of debt and the conversion of $2.1 billion of junior mezzanine debt to preferred equity.
“This debt restructuring is another important step forward for the company, and I would like to thank all of our lenders as well as our investors, led by Blackstone, for their tremendous efforts in completing this transaction”
“This debt restructuring is another important step forward for the company, and I would like to thank all of our lenders as well as our investors, led by Blackstone, for their tremendous efforts in completing this transaction,” said Christopher J. Nassetta, President & Chief Executive Officer, Hilton Worldwide. “Together with several recent achievements, Hilton Worldwide is positioned very well to capitalize on the recovery in the hospitality industry.”
Among many recent accomplishments, Hilton Worldwide:
Hilton Worldwide is the leading global hospitality company, spanning the lodging sector from luxurious full-service hotels and resorts to extended-stay suites and mid-priced hotels. For more than 90 years, Hilton Worldwide has been offering business and leisure travelers the finest in accommodations, service, amenities and value. The company is dedicated to continuing its tradition of providing exceptional guest experiences across its global brands. Its brands are comprised of more than 3,500 hotels in 81 countries and include Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Hilton, Doubletree, Embassy Suites Hotels, Hilton Garden Inn, Hampton Hotels, Homewood Suites by Hilton, Home2 Suites by Hilton and Hilton Grand Vacations. The company also manages the world-class guest reward program Hilton HHonors.
|Also See:||Biggest Hotel Deal in History - Blackstone Buys Hilton for $26 billion / Jim Butler / July 2007|
|Hilton Hotels Corp., With a Long History in Chicago, Purchased by the Blackstone Group LP in a Deal Valued at About $26 billion / July 2007|