Park Hotels & Resorts Inc. Announces Senior Secured Notes Offering
May 11 2021 - 8:32AM
Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE: PK)
announced today that certain of its subsidiaries, Park Intermediate
Holdings LLC (the “Operating Company”), PK Domestic Property LLC
(“PK Domestic LLC”) and PK Finance Co-Issuer Inc. (together with
the Operating Company and PK Domestic LLC, the “Issuers”), intend
to offer $650 million aggregate principal amount of senior secured
notes due 2029 (the “Notes”). The Notes will be guaranteed by Park
and certain subsidiaries of the Operating Company that guarantee
the Company’s senior credit facilities and existing senior secured
notes due 2025 and 2028. The Issuers intend to use the proceeds of
the offering to repay a portion of the amounts outstanding under
the Company’s revolving credit facility and to repay a portion of
the Company’s term loan facility entered into in 2019 and maturing
in August 2024.
The Notes and the related guarantees have not been registered
under the Securities Act of 1933, as amended (the “Securities
Act”), or any state securities laws. The Notes may not be offered
or sold in the United States except pursuant to an exemption from,
or in a transaction not subject to, the registration requirements
of the Securities Act and applicable state securities laws. The
Notes will be offered only to persons reasonably believed to be
“qualified institutional buyers” in reliance on the exemption from
registration provided by Rule 144A under the Securities Act and to
certain non-U.S. persons in offshore transactions in reliance on
Regulation S under the Securities Act.
This press release is being issued pursuant to and in accordance
with Rule 135c under the Securities Act, and it is neither an offer
to sell nor a solicitation of an offer to buy any securities and
shall not constitute an offer to sell or a solicitation of an offer
to buy, or a sale of, the Notes or any other securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements include, but are not limited
to, statements related to Park’s current expectations regarding the
performance of its business, financial results, liquidity and
capital resources, the effects of competition and the effects of
future legislation or regulations, the expected completion of
anticipated dispositions, the declaration and payment of future
dividends, and other non-historical statements. Forward-looking
statements include all statements that are not historical facts,
and in some cases, can be identified by the use of forward-looking
terminology such as the words “outlook,” “believes,” “expects,”
“potential,” “continues,” “may,” “will,” “should,” “could,”
“seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,”
“anticipates,” “hopes” or the negative version of these words or
other comparable words. You should not rely on forward-looking
statements since they involve known and unknown risks,
uncertainties and other factors which are, in some cases, beyond
the Company’s control and which could materially affect its results
of operations, financial condition, cash flows, performance or
future achievements or events. Currently, one of the most
significant factors continues to be the adverse effect of COVID-19,
including possible resurgences, on the Company’s financial
condition, results of operations, cash flows and performance, its
hotel management companies and its hotels’ tenants, and the global
economy and financial markets. COVID-19 has significantly affected
the Company’s business, and the extent to which COVID-19 continues
to affect the Company, its hotel managers, tenants and guests at
the Company’s hotels will depend on future developments, which are
highly uncertain and cannot be predicted with confidence, including
the scope, severity and duration of the pandemic, the actions taken
to contain the pandemic or mitigate its effect, the emergence of
virus variants, the efficacy, availability and deployment of
vaccinations and other treatments to combat COVID-19, including
public adoption rates of COVID-19 vaccines, additional closures
that may be mandated or advisable even after the reopening of
certain of the Company’s hotels on a limited basis, whether due to
an increased number of COVID-19 cases or otherwise, and the direct
and indirect economic effects of the pandemic and containment
measures, among others. Moreover, investors are cautioned to
interpret many of the risks identified in the risk factors included
in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2020 as being heightened as a result of the ongoing
and numerous adverse impacts of COVID-19.
Forward-looking statements involve risks, uncertainties and
assumptions. Actual results may differ materially from those
expressed in these forward-looking statements. You should not put
undue reliance on any forward-looking statements and Park urges
investors to carefully review the disclosures Park makes concerning
risk and uncertainties in Item 1A: “Risk Factors” in Park’s Annual
Report on Form 10-K for the year ended December 31, 2020, as such
factors may be updated from time to time in Park’s filings with the
SEC, which are accessible on the SEC’s website at www.sec.gov.
Except as required by law, Park undertakes no obligation to update
or revise publicly any forward-looking statements, whether as a
result of new information, future events or otherwise.
For more information, contact:
Ian WeissmanSenior Vice President, Corporate
Strategy571-302-5591iweissman@pkhotelsandresorts.com
Park Hotels and Resorts (NYSE:PK)
Historical Stock Chart
From Aug 2024 to Sep 2024
Park Hotels and Resorts (NYSE:PK)
Historical Stock Chart
From Sep 2023 to Sep 2024