Hilton Worldwide has reentered the public market with a $2.3 billion offering. Shares were priced at $20 at the middle of the planned range. Blackstone, which owns the chain, will pay off debt with the proceeds. Details from New York.
Hilton is refinancing just over $10 billion in debt, and private owner Blackstone recently filed an IPO of Hilton's common stock. In this CreditMatters TV video, Emile Courtney discusses what's behind the ratings we recently assigned to Hilton, the impact of the IPO on the ratings, and our view of Blackstone's ownership of Hilton.
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