NEW YORK, April 16 - Hilton Hotels Corp. (NYSE:HLT - News) said on Wednesday it would sell $500 million of convertible notes in a private transaction to repay some outstanding debt.
Hilton Hotels Corporation announced today that it has agreed to sell $500 million aggregate principal amount of convertible senior notes due 2023 (plus an option to the initial purchasers of the notes to acquire up to an additional $75 million principal amount of the notes) in a private placement transaction. The notes will be convertible into shares of Hilton's common stock at a conversion price of $22.50 per share of common stock, only upon the occurrence of certain events. The notes will bear interest at a rate of 3.375% per annum. The closing of the transaction is subject to customary conditions.
Logos, product and company names mentioned are the property of their respective owners.
