Park Hotels & Resorts announced that underwriters are exercising an option to repurchase 5,171,929 additional shares of common stock in connection with a secondary offering by shareholder HNA Tourism Group.
MCLEAN, Virginia--March 8, 2018-- Park Hotels & Resorts Inc. (NYSE:PK) (“Park” or the “Company”) announced today that the underwriters exercised in full their option to purchase 5,171,929 additional shares of Park’s common stock at an exercise price of $25.75 per share (before deducting underwriting discounts and commissions) in connection with the previously announced secondary offering of Park’s common stock by HNA HLT Holdco I LLC (the “Selling Stockholder”), an affiliate of HNA Tourism Group Co., Ltd. (“HNA”). The closing of the option is expected to occur on March 9, 2018, concurrently with the closing of the offering and the previously announced repurchase by Park of 14,000,000 shares of common stock held by the Selling Stockholder, subject to the satisfaction of all closing conditions. Following the closing of the offering and the repurchase, HNA will no longer beneficially own any shares of Park’s common stock.
Park did not offer any shares of common stock in the offering and will not receive any proceeds from the sale of shares by the Selling Stockholder.
Barclays and J.P. Morgan are acting as joint book-running managers and representatives of the underwriters for the offering. UBS Investment Bank, Goldman Sachs & Co. LLC, Morgan Stanley, Deutsche Bank Securities and Credit Suisse are also acting as joint book-running managers and underwriters for the offering. In addition, BofA Merrill Lynch is serving as an advisor to the Company in connection with the offering.
The offering of these securities is being made pursuant to an effective registration statement. This offering will be made only by means of a prospectus. A copy of the final prospectus relating to these securities may be obtained from: Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, email: Barclaysprospectus@broadridge.com, telephone: (888) 603-5847, or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-866-803-9204. The final prospectus may also be accessed through the website of the Securities and Exchange Commission at www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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