Latham & Watkins Represents Hyatt Hotels in US$1 Billion Bond Offering

Latham & Watkins advised Hyatt Hotels Corporation, the global hospitality company, in a public offering of senior notes. The two-part offering consisted of US$500 million of three-year notes, which achieved a coupon of 5.050%, and US$500 million of seven-year notes, which achieved a coupon of 5.750%. The notes were rated Baa3 by Moody’s and BBB- by S&P Global and by Fitch.

Hyatt intends to use the proceeds of the offering to fund a portion of the US$2.6 billion purchase price for Hyatt’s pending acquisition of Playa Hotels, in which Latham is also advising. Playa is a leading owner and operator of all-inclusive resorts in Mexico, the Dominican Republic, and Jamaica.

Latham’s interdisciplinary team, including members of its market-leading Capital Markets Practice and its Hospitality, Gaming & Leisure Industry Group, advised Hyatt in the financings, and was led by partners Roderick Branch, Cathy Birkeland, and Michael Pucker, with counsel Manasi Bhattacharyya and associates Andrew Rutsky, Chelsea Carlson, and Meg Tompkins. Partners Diana Doyle and Rene De Vera, with associates Michael Zucker and Valerie Silva, advised on tax matters, and partner Larry Seymour, with counsel Aryeh Zuber, advised on benefits and compensation matters.