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.