Feb 24 (Reuters) - Blackstone Group LP:
* Preparing to restructure debt of hilton worldwide inc -- Lehman Brothers
Holdings Inc says in court filing
* Lehman says lenders had provided Blackstone affiliates with $20.6 billion of
financing for the acquisition
* Restructuring contemplates $800 million contribution by hilton parent to
repay some loans
* Restructuring contemplates extensions of mortgage loan, senior mezzanine
loans for 2 years
* Restructuring contemplates conversion to preferred equity of about $2 billion
of the most junior loans
* Lehman says the restructuring would deleverage hilton's capital structure by
as much as approximately $3.8 billion
* Lehman says believes that absent a restructuring, the borrowers may be unable
to meet their loan obligations
((New York Equities Desk; tel: +1 646 223 6000))
(For more news about Blackstone Group LP click here:) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Preparing to restructure debt of hilton worldwide inc -- Lehman Brothers
Holdings Inc says in court filing
* Lehman says lenders had provided Blackstone affiliates with $20.6 billion of
financing for the acquisition
* Restructuring contemplates $800 million contribution by hilton parent to
repay some loans
* Restructuring contemplates extensions of mortgage loan, senior mezzanine
loans for 2 years
* Restructuring contemplates conversion to preferred equity of about $2 billion
of the most junior loans
* Lehman says the restructuring would deleverage hilton's capital structure by
as much as approximately $3.8 billion
* Lehman says believes that absent a restructuring, the borrowers may be unable
to meet their loan obligations
((New York Equities Desk; tel: +1 646 223 6000))
(For more news about Blackstone Group LP click here:) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2010 AFX News