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Sovereign Wealth Funds Briefing - Categorized | Asset Allocation, Financials

Singapore bets on Blackstone’s Hilton IPO after 2010 debt restructuring

Posted on 10 December 2013

Singapore’s sovereign wealth fund GIC Private Ltd pumped equity into Blackstone Group-owned Hilton Worldwide when the company needed to restructure its debt in the credit crunch that ensued after the hotel chain’s 2007 leveraged buyout. Now, GIC is prepared to hold onto a large chunk of Hilton Worldwide shares as the company moves towards an initial public offering.
In contrast to GIC, other providers of emergency relief to Hilton during its debt restructuring will be cashing out of their holdings in the company’s IPO. GIC is poised to be a 5% stakeholder in Hilton when the company lists its shares, in what could be a $2.4 billion IPO that would be the biggest in the U.S. hotel industry………………………………………..Full Article: Source


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