Hyatt Hotels (H) Prices 7M Share Stock Offering at $74.50/sh

September 23, 2021 5:48 AM EDT

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Hyatt Hotels Corporation (NYSE: H), a leading global hospitality company, announced today the pricing of its underwritten registered public offering of 7,000,000 shares of its Class A common stock at a public offering price of $74.50 per share. The underwriters have a 30-day option to purchase up to an additional 1,050,000 shares from the Company at the public offering price, less the underwriting discount. The Company estimates that the net proceeds from the offering, after deducting the underwriting discount and estimated expenses of the offering, will be approximately $500,140,000, or $575,236,000 if the underwriters exercise their option to purchase additional shares in full. The shares are expected to be delivered on or about September 27, 2021, subject to customary closing conditions.

The Company intends to use the net proceeds of the offering to fund a portion of the purchase price for its pending acquisition of Apple Leisure Group (the “Apple Leisure Group Acquisition”). Hyatt previously announced that it intends to fund more than 80% of the $2.7 billion purchase price for the Apple Leisure Group Acquisition with a combination of $1.0 billion of cash on hand and new debt financing, and the remainder with equity financing. If the Apple Leisure Group Acquisition is not consummated, the Company intends to use the proceeds of the offering for general corporate purposes, which may include repayment of indebtedness, or payment of fees and expenses related to the offering. The offering is not contingent on the consummation of the Apple Leisure Group Acquisition, and the consummation of the Apple Leisure Group Acquisition is not contingent on the consummation of the offering.

J.P. Morgan is acting as representative of the underwriters, and J.P. Morgan, BofA Securities and Goldman Sachs & Co. LLC are acting as joint lead book-running managers for the offering.

The offering is being made pursuant to a shelf registration statement on Form S-3, including a base prospectus, that was filed by the Company with the Securities and Exchange Commission (the “SEC”) and became automatically effective upon filing on November 6, 2020. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering was filed with the SEC and is available on the SEC’s website located at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the securities being offered may also be obtained, when available, from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-866-803-9204; BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attention: Prospectus Department, e-mail: dg.prospectus_requests@bofa.com; and Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, e-mail: prospectus-ny@ny.email.gs.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.



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