Hilton Announces Conversion Period for 3.375% Convertible Senior Notes
BEVERLY HILLS, CA, Janaury 11, 2007. Hilton Hotels Corporation (NYSE:HLT) today announced that its 3.375% Convertible Senior Notes due 2023 have become convertible into Hilton common stock at the option of the holders and will remain convertible during the fiscal quarter ending March 31, 2007. Any determination regarding the convertibility of the 3.375% Notes during future periods will be made in accordance with the terms of the Indenture governing the 3.375% Notes.
The 3.375% Notes became convertible because the closing sale price of Hilton's common stock for at least 20 consecutive trading days during the 30 consecutive trading day period ending on the last trading day of the calendar quarter ended December 31, 2006 was greater than 120% of the conversion price in effect on such last trading day.
The 3.375% Notes are currently convertible at a conversion price of $22.50 per share, which represents a conversion rate of approximately 44.4444 shares of Hilton's common stock per $1,000 principal amount of Notes. The 3.375% Notes are convertible into Hilton common stock in accordance with the terms and subject to the conditions of the Notes and the Indenture under which the Notes were issued.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
