PARK HOTELS & RESORTS INC. : Entering into a material definitive agreement, results of operations and financial condition, creation of a direct financial obligation or an obligation under an off-balance sheet arrangement of a registrant, financial statements and exhibits (Form 8- K)
Item 1.01. Conclusion of a significant definitive agreement.
limited liability company and direct subsidiary of Park (“PIH”), and
The Amendments (i) further extend the suspension of testing of Park’s existing financial maintenance commitments under the Credit Agreement and Term Loan Agreement from the date on which financial statements are due for fiscal quarter ending
Pursuant to the Amendments, during the Extended Commitment Relief Period, (i) the net cash proceeds of certain borrowings, equity issues and asset disposals will, subject to various exceptions, and only in in the event that the outstanding principal balance of the Revolver exceeds
Company and its subsidiaries expiring in 2022 and 2023, (E) removal of the limitation on investment expenditure for hotel assets in the portfolio and (F) increase in the basket of investments and acquisitions of
The Amendments do not provide for any change to the applicable interest rates under the Existing Credit Agreement and the Existing Term Loan Agreement, or to the applicable interest rate margins currently in effect under the Credit. . .
Section 2.02. Results of Operations and Financial Condition.
Pursuant to General Instructions B.2 of Form 8-K, information included in Item 2.02 of this Current Report on Form 8-K (including Exhibits 99.1 and 99.2 hereto) shall not be deemed “filed” to purposes of Section 18. of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the responsibilities of that Section, and shall not be deemed incorporated by reference in any filing made by the Company under the Stock Exchange Act or the Securities Act 1933, as amended, unless otherwise expressly stated by specific reference in such filing.
Item 2.03. Creation of a direct financial obligation or an obligation under an off-balance sheet arrangement of a registrant.
The information set out in point 1.01 above is incorporated herein by reference.
Section 9.01. Financial statements and supporting documents.
(d) Exhibits. Exhibit Number Description Fifth Amendment to Credit Agreement, dated as of
February 16, 2022, 10.1 among Park Intermediate Holdings LLCand PK Domestic Property LLC, as Borrowers, Park Hotels & Resorts Inc.the lenders party thereto and Wells Fargo Bank, National Association, as Administrative Agent. Third Amendment to Loan Agreement, dated as of February 16, 2022, 10.2 among Park Intermediate Holdings LLCand PK Domestic Property LLC, as Borrowers, Park Hotels & Resorts Inc., the lenders party thereto and Bank of America, N.A., as Administrative Agent. 99.1 Press release dated February 17, 2022. 99.2 Fourth Quarter and Full Year 2021 Supplemental Data. Cover Page Interactive Data File (embedded within the Inline XBRL 104 document).
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