Park Hotels & Resorts (PK) prices $550 million senior secured notes.

Park Hotels & Resorts Inc. (PK) announced today that it has priced an offering of $550 million 7.50% senior secured notes due 2025.  The company said that proceeds would be used to reduce bank borrowings, including amounts under the company's $1.0 billion revolving credit facility, which is fully drawn.  The Rule 144A offering is expected to close on May 29, 2020.

Park Hotels & Resorts Inc. (PK) is an equity REIT focusing on upper upscale and luxury hotel properties in the U.S. As of March 31, 2020, Park's portfolio includes interests in 60 properties with approximately 34,000 rooms operating under the Hilton, Marriott, Hyatt and Waldorf-Astoria brand names. Park Hotels & Resorts is a member of the S&P MidCap 400 index and has a total book capitalization of approximately $12.6 billion.