Latham & Watkins Advises Hyatt Hotels on Upsized Two-Part Bond Offering

Latham & Watkins represented Hyatt Hotels Corporation, the global hospitality company, in a public offering of senior notes issued to refinance all of Hyatt’s 1.800% notes due 2024 and for general corporate purposes. The upsized, two-part offering consisted of US$450 million of five-year notes, which achieved a coupon of 5.250%, and US$350 million of 10-year notes, which achieved a coupon of 5.50%. The notes were rated Baa3 by Moody’s and BBB- by S&P Global and by Fitch.

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 associates Andrew Rutsky, Chelsea Carlson, and Julia Gabriel. Partners Diana Doyle and Rene De Vera, with associate Jay Khurana, advised on tax matters, and partner Larry Seymour advised on benefits and compensation matters.