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Hilton IPO Raises $2.3 Billion

Hilton IPO Raises $2.3 Billion

On Dec. 12, Hilton stocks began trading on the New York Stock Exchange (NYSE) for the first time since Blackstone took the company private in 2007. The Hilton IPO marks a record offering for a lodging company, raising over $2.3 billion by selling 117.6 million shares.

The company priced its shares at $20 and will trade on the exchange under the ticker HLT. The IPO will generate approximately $8.5 billion for Blackstone.

According to the Wall Street Journal, the deal values Hilton at about $31 billion, including $11.7 billion in debt.

Hilton Worldwide intends to use the net proceeds from the offering and available cash to repay approximately $1.25 billion of term loan borrowings outstanding under its senior secured credit facilities. The offering is expected to close on Dec. 17, subject to customary closing conditions.

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