WASHINGTON (dpa-AFX) - Hilton Worldwide Holdings Inc. said Wednesday that it has priced its initial public offering of about 117.64 million shares of common stock at $20.00 per share, which is slightly above the mid-point of the previously estimated price range of $18.00 to $21.00 per share.
Hilton Worldwide is offering about 64.1 million of such shares and a selling stockholder is offering about 53.5 million of such shares.
The selling stockholder has granted the underwriters an option to purchase up to an additional about 17.65 million shares at the initial public offering price less the underwriting discount.
The shares are expected to begin trading on the New York Stock Exchange on Thursday, December 12 under the ticker symbol 'HLT.'
The offering is expected to close on December 17.
Hilton Worldwide plans to use the net proceeds from the offering and available cash to repay about $1.25 billion of term loan borrowings outstanding under its senior secured credit facilities.
Hilton Worldwide is one of the largest and fastest growing hospitality companies in the world, with 4,080 hotels, resorts and timeshare properties comprising 671,926 rooms in 90 countries and territories.
In October 2007, Hilton Worldwide was acquired by affiliates of The Blackstone Group L.P. and assembled a new management team led by Christopher Nassetta, President and Chief Executive Officer.
No private equity or real estate opportunity fund or co-investment vehicle sponsored or managed by The Blackstone Group L.P. is selling shares in the IPO or receiving cash in lieu of selling shares. After the completion of the offering, affiliates of The Blackstone Group L.P. will continue to own a majority of the voting power of shares eligible to vote in the election of directors.
Copyright RTT News/dpa-AFX
© 2013 AFX News
