Blackstone’s Hilton Cuts Debt by $3.9 Billion, Extends Due Date
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Blackstone Group LP’s Hilton Worldwide hotel chain completed a deal to reduce debt by almost $4 billion and extend the maturity by two years.
The company bought back $1.8 billion of debt and converted $2.1 billion of junior mezzanine debt to preferred equity, according to a statement yesterday from McLean, Virginia-based Hilton. The debt, now totaling about $16 billion, will be due in November 2015.