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

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.