Latham & Watkins Advises Hyatt Hotels in US$750 Million Senior Note Financing

Members of the firm’s Capital Markets Practice, as well as its Hospitality, Gaming & Leisure Industry Group, advised the global hospitality company.

September 03, 2020

Latham & Watkins represented Hyatt Hotels Corporation in a public offering of US$750 million of floating rate senior notes due 2022. Hyatt is a global hospitality company with widely recognized, industry-leading brands and a worldwide portfolio of full service hotels, select service hotels, resorts, and other properties.

The two-year notes bear interest at a floating rate equal to three-month LIBOR plus 3%, payable quarterly, and are redeemable at par at any time after the first year. The offering was intended to enhance Hyatt’s cash position and provide it with flexibility to manage leverage while maintaining its investment grade credit rating.

Latham harnessed an interdisciplinary team, including from its market-leading Capital Markets Practice and its Hospitality, Gaming & Leisure Industry Group, to advise Hyatt in the offering. The deal team was led by partners Michael Pucker, Roderick Branch, and Cathy Birkeland, with associates Jonathan Sarna, Austin Arnett, Kenneth (KC) Sands, and Samantha Jackson. Advice was also provided on finance matters by counsel Cindy Caillavet; on tax matters by partners Diana Doyle and Rene de Vera, with associate Christopher Ohlgart; and on investment fund matters by partner Nabil Sabki, with associate Daniel Filstrup.

 
 
Notice: We appreciate your interest in Latham & Watkins. If your inquiry relates to a legal matter and you are not already a current client of the firm, please do not transmit any confidential information to us. Before taking on a representation, we must determine whether we are in a position to assist you and agree on the terms and conditions of engagement with you. Until we have completed such steps, we will not be deemed to have a lawyer-client relationship with you, and will have no duty to keep confidential the information we receive from you. Thank you for your understanding.