Hilton Worldwide (HLT) Stock Heavily Traded on Secondary Offering

NEW YORK (TheStreet) -- Hilton Worldwide (HLT) stock is experiencing higher-than-average trading volume on Wednesday after pricing its secondary offering. 

By market open, shares had added 1.6% to $22.85. Trading volume of 11.6 million shares was more than triple its three-month daily average of 3.2 million. 

Hilton Worldwide announced that it would offer 90 million shares of common stock, sold by certain stockholders affiliated with The Blackstone Group, at a price of $22.50 per share. Hilton has not offered any of its shares and will not receive any proceeds from the offering. 

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Underwriters also have a 30-day option to purchase up to an additional 13.5 million shares from selling stockholders. 

The offering is expected to close on June 27, subject to customary closing conditions.

Deutsche Bank, Bank of America and Morgan Stanley will serve as representatives of the underwriters and joint book-running managers. JPMorgan, Citigroup, Credit Suisse and Wells Fargo will also act as joint book-running managers. 

Must read: Warren Buffett's 25 Favorite Stocks

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