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Blackstone addresses debt with $2.35bn Hilton IPO

12 Dec 2013

Global hotel company Hilton Worldwide, which was acquired by the Blackstone Group at the height of the buyout boom, raised $2.35bn in its public listing this week.

Shares were priced at $20 apiece, at the upper end of its $18 to $21 range, giving the company a valuation of almost $20bn.

Blackstone paid an eye-watering $26bn for the company in 2007, before restructuring its $20bn debt pile in 2010. The firm also refinanced close to $13 of debt prior to the IPO, Reuters reported. The proceeds will be used to pay down $1.25m in debt. The firm has invested $6.4bn in the company, and will hold a 76.2 per cent stake following the listing.

The company’s EBITDA is forecast to be 58 per cent higher this year than in 2009 according to a recent presentation to Blackstone shareholders.

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