Hilton Worldwide restructures debt

Hilton Worldwide has completed a restructuring of all its existing debt, extending the maturity of this debt until November 2015.

Furthermore, the restructuring has reduced the company’s total debt by nearly US $4 billion.

$1.8 billion of debt was purchased and retires and $2.1 billion of junior mezzanine debt was converted to preferred equity.

Hilton Worldwide president and chief executive officer Christopher J. Nassetta said the restructuring was an “important step forward” for the company.

“I would like to thank all of our lenders as well as our investors, led by Blackstone, for their tremendous efforts in completing this transaction,” Nassetta said.

“Together with several recent achievements, Hilton Worldwide is positioned very well to capitalise on the recovery in the hospitality industry.”