Hyatt guides $750 million two-year floaters at Libor plus 300 bps; pricing expected Wednesday

By Paul A. Harris and Devika Patel

Knoxville, Tenn., Aug. 26 – Hyatt Hotels Corp. plans to sell $750 million of two-year floating-rate senior notes (BBB-) on Wednesday, according to market sources.

Initial talk has the two-year non-call one-year floater coming at a 300 basis points spread to Libor, a level at which crossover investors might be expected to take an interest in the deal, a bond trader said.

Deutsche Bank Securities Inc. has the books for the deal, which is coming off of the investment-grade syndicate desk.

Proceeds will be used for general corporate purposes.

Chicago-based Hyatt Hotels operates full-service hotels, resorts and residential and vacation properties.

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