07:20 AM EDT, 05/03/2024 (MT Newswires) -- Park Hotels & Resorts ( PK ) said Thursday that its subsidiaries, Park Intermediate Holdings LLC, PK Domestic Property LLC, and PK Finance Co-Issuer Inc., priced an offering of $550 million of 7% senior notes due 2030 at 100% of face value.

The offering was upsized from $450 million. The notes will pay interest semi-annually in arrears and mature on Feb. 1, 2030.

The company said it plans to use the net proceeds, together with proceeds of a new unsecured term loan of at least $200 million, to buy all $650 million of the company's 7.5% senior notes due 2025, and any remaining net proceeds for general corporate purposes.

The company expects the offering to close on May 16.