Hilton Prices IPO; Valero Midstream Spinoff Trades Up on First Day

Investing

Published: December 11, 2013 4:31 pm

Last Updated: April 27, 2020 10:56 pm

One of the largest initial public offerings of the year has reportedly priced at $20 a share on Wednesday night and will begin trading Thursday morning. The expected pricing range had been $18 to $20 a share. Hilton Worldwide Holdings Inc. plans to sell 64.1 million shares and selling shareholders will sell an additional 48.7 million shares in the IPO. Blackstone Group LP (NYSE: BX) bought the hotel chain for $25 billion in 2007, just before the financial crisis struck. The private equity firm had to borrow about $14 billion to complete the deal, but will receive no proceeds from the sale other than those it will pass along to the selling stockholder, Hilton Global Holdings LLC, which will hold no stock in Hilton Worldwide following the IPO. Hilton Worldwide will trade on the NYSE under the ticker symbol “HLT” when it begins trading tomorrow.

The IPO of Valero Energy Partners LP (NYSE: VLP) went off today at $23.00 per common unit. Valero Energy Corp. (NYSE: VLO) sold 15 million common units of the master limited partnership (MLP) which represents a stake of about 25.5% in the MLP. Valero raised $345 million in the IPO. Shares closed the day at $28.00 after rising as high as $28.59 in the mid-afternoon. Including underwriters’ options, public ownership of Valero Energy Partners will total 29.4%. Valero Energy Partners will get midstream assets in Sunray, Texas; Memphis, Tennessee; and Port Arthur, Texas.

Two more ARAMARK Holdings Corp. is expected to price its IPO later this evening and Cheniere Energy Partners LP Holdings is expected to price its first offering Thursday. Hybrid flash storage maker Nimble Storage is also expected to price its IPO on Thursday.

The Average American Is Losing Their Savings Every Day (Sponsor)

If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4% today, and inflation is much higher. Checking accounts are even worse.

Every day you don’t move to a high-yield savings account that beats inflation, you lose more and more value.

But there is good news. To win qualified customers, some accounts are paying 9-10x this national average. That’s an incredible way to keep your money safe, and get paid at the same time. Our top pick for high yield savings accounts includes other one time cash bonuses, and is FDIC insured.

Click here to see how much more you could be earning on your savings today. It takes just a few minutes and your money could be working for you.