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Hilton to start marketing new high-yield bond

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September 18
8:43 PM 2013

Hilton Worldwide, the operator of Hilton Hotel chains, would start marketing a high yield bond on Thursday. The said bond was valued USD3.25 billion. This was a part of the company's multi-billion refinancing ahead of its initial public offering (IPO). The announcement came from one of the banks managing the transaction said on Wednesday.

The bond would be split between USD1.25 billion eight year non-call three year first lien senior secured note and USD2 billion senior note. This would include an eight year non-call five tranche and a 10 year non-call three note.

Bank of America Merrill Lynch was hired to lead the transaction. Deutsche Bank, Morgan Stanley, Goldman Sachs as well as Wells Fargo were selected to be joint book running managers for the deal.

The transaction was said to start on Thursday, according to a Reuters report. The pricing for the deal was scheduled early to middle of the following week.

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