Park Hotels & Resorts Inc. and one of its units entered into a credit agreement for senior unsecured credit facilities comprising an up to $1.0 billion revolver and a $750.0 million term loan facility. The revolver will mature Dec. 24, 2020, with two six-month extension options, while the term loan facility will mature Dec. 24, 2021. The credit agreement includes the option to upsize the revolver and enters into additional incremental term loan credit facilities in an aggregate commitment or principal amount not to exceed $500.0 million of such increases. According to Park Hotels, borrowings under the revolver are not permitted until the completion of its spin-off from Hilton. The term loan facility was advanced in full Dec. 28, the closing date of the agreement. Park Hotels used the proceeds to repay certain existing debt, to pay transaction-related expenses, and for other general corporate purposes. Wells Fargo Bank NA was the administrative agent, while Bank of America NA and JPMorgan Chase Bank NA were the syndication agents.