First Union and BNP Paribas have been chosen to lead a $400 million credit on behalf of Hyatt, which will replace an existing $250 million, five-year facility due to expire in December. The new credit will comprise a three-year, $300 million tranche and a 364-day $100 million tranche. All-in drawn pricing is based on a grid, starting at LIBOR plus 70 basis points.
The leads will be approaching banks with prior relationships with the company before the bank meeting, which is scheduled for next Wednesday. Calls to officials at the hotel operator were not returned by press time.