Park Hotels & Resorts Announces Final Results of Tender Offer

TYSONS, Va., May 16, 2024 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. (“Park”) (NYSE: PK) announced today the expiration of and the final results for the previously announced offer to purchase for cash (the “Tender Offer”) commenced by Park’s subsidiaries, Park Intermediate Holdings LLC, a Delaware limited liability (the “Company”), PK Domestic Property LLC, a Delaware limited liability company, and PK Finance Co-Issuer Inc., a Delaware corporation (collectively, the “Issuers”), for any and all of their outstanding 7.500% Senior Notes due 2025 (the “Notes”). The Tender Offer expired at 5:00 p.m., New York City time, on May 13, 2024 (the “Expiration Time”).

On May 16, 2024, the Issuers purchased $311,473,000 in principal amount of the Notes that were validly tendered and not validly withdrawn or with respect to which a properly completed and duly executed Notice of Guaranteed Delivery was delivered at or prior to the Expiration Time.

According to information received from Global Bondholder Services Corporation, the Tender and Information Agent for the Tender Offer, the following table sets forth details regarding the total aggregate principal amount of the Notes validly tendered and not validly withdrawn or with respect to which a properly completed and duly executed Notice of Guaranteed Delivery was delivered at or prior to the Expiration Time and the principal amount of the Notes that will be accepted for purchase by the Issuers today:

Title of Security		CUSIP Numbers/ISINs:		Principal Amount Outstanding			Principal Amount Tendered			Principal Amount to be Accepted on 5/16/2024
7.500% Senior Notes due 2025		144A: 70052LAA1 / US70052LAA17 Reg S: U7013LAA8 / USU7013LAA80		$650,000,000			$311,473,000			$311,473,000

In addition, on May 16, 2024, the Issuers issued a notice of redemption for all of the Notes outstanding following the settlement of the Tender Offer at a redemption price of 100.000% of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the redemption date (which is expected to be June 1, 2024) pursuant to the terms of the indenture governing the Notes. Following the redemption on the redemption date, the Issuers will no longer have any Notes outstanding.