If the things will be the same as last time (when HILTON was bought by BX), HILTON QUIBS will be called in the process of the IPO.
With current price $25.09 per share the QUIBS holders will not win or loose much. I personally will be upset: I am with QUIBS probably 12 years or more, bought them for all prices from $25 to $5.10, and they did bring me a lot. It will be different to replace.
With this coming IPO, we should be careful to sell shares if they will go above $25.5 - $26, not to loose on principal.
As a income substitute to Hilton QUIBS, I really like BUI, a blackrock closed end fund focused on utilities, infrastructure. Its going ex dividend and should soon price below $18. It pays $1.45. Its net investment income annualized plus its net premium income for options overwrite represent about 65% of the dividend per the last 6 months report ended 4/30/13. This means all they have to earn is 2-3% per year in capital appreciation to retain its NAV, not a very high hurdle rate. Its NAV has been consistently above $20.