Hilton Says Financing No Worry in ITT Bid

Hilton Hotels said Wednesday it could find approximately $3 billion in loans or bonds to support its $10.5 billion hostile bid for ITT Corp.

"Financing this is not the issue," said Marc Grossman, a spokesman for Hilton, responding to a report that the bank loan market had balked at the prospect of a $7 billion financing package.

Lenders seemed more supportive of a smaller deal.

"That absolutely should be financeable," said Bruce Ling, the head of loan syndications at Credit Suisse First Boston.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER