Hilton Grand Vacations Inc. (NYSE:HGV) announces today the
completion of a $500 million securitization of timeshare loans
through Hilton Grand Vacations Trust 2024-3 (“the Trust”). Three
classes of Notes were issued by the Trust, including approximately
$273 million of Class A Notes, approximately $147 million of Class
B Notes, and approximately $80 million of Class C Notes.
The Class A Notes have a coupon rate of 4.98%, the Class B Notes
have a coupon rate of 5.27%, and the Class C Notes have a coupon
rate of 5.71%, for an overall weighted average coupon rate of
5.18%, and an overall advance rate of 98%.
“Our largest securitization to date reinforces HGV’s leading
market position and strengthens our progress toward achieving
synergy targets,” said Dan Mathewes, president and chief financial
officer of Hilton Grand Vacations. “We’re happy to announce we
consolidated legacy Bluegreen Vacations timeshare loans with HGV
deed and trust loans under a single platform, while still achieving
an optimized structure of investment grade ratings and a 98%
advance rate.”
Proceeds of the issuance, net of fees, will be used to pay down
debt and for other general corporate purposes.
This transaction marks HGV’s 12th term securitization of
timeshare loans, and the first issuance to include HGV, Diamond
Resorts, and Bluegreen Vacations collateral combined under the
Hilton Grand Vacations Trust platform.
Deutsche Bank Securities served as the Structuring Lead Manager
and Joint Bookrunner along with BofA Securities, Wells Fargo
Securities, Barclays, Goldman Sachs & Co. LLC, and MUFG.
Citizens Capital Markets, Regions Securities LLC, Truist
Securities, and Academy Securities served as Co-Managers. Alston
and Bird LLP represented HGV as issuer counsel.
The Notes were offered in a private placement within the U.S. to
qualified institutional buyers pursuant to Rule 144A and outside
the U.S. in accordance with Regulation S under the Securities Act
of 1933, as amended. This press release is an announcement of
record only and does not constitute an offer to sell or the
solicitation of an offer to buy the Notes, all of which have been
sold. Certain classes of the transaction were rated by Standard
& Poor’s Financial Services LLC (S&P) and Fitch Ratings
(Fitch).
Important Notice
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements convey management’s
expectations as to the future of HGV, and are based on management’s
beliefs, expectations, assumptions and such plans, estimates,
projections and other information available to management at the
time HGV makes such statements. Forward-looking statements include
all statements that are not historical facts, and may be identified
by terminology such as the words “outlook,” “believe,” “expect,”
“potential,” “goal,” “continues,” “may,” “will,” “should,” “could,”
“would,” “seeks,” “approximately,” “projects,” “predicts,”
“intends,” “plans,” “estimates,” “anticipates,” “future,”
“guidance,” “target,” or the negative version of these words or
other comparable words, although not all forward-looking statements
may contain such words. The forward-looking statements contained in
this press release include statements related to HGV’s revenues,
earnings, taxes, cash flow and related financial and operating
measures, and expectations with respect to future operating,
financial and business performance and other anticipated future
events and expectations that are not historical facts. HGV cautions
you that our forward-looking statements involve known and unknown
risks, uncertainties and other factors, including those that are
beyond HGV’s control, which may cause the actual results,
performance or achievements to be materially different from the
future results. Any one or more of these risks or uncertainties
could adversely impact HGV’s operations, revenue, operating profits
and margins, key business operational metrics, financial condition
or credit rating. For a more detailed discussion of these factors,
see the information under the captions “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in HGV’s most recent Annual Report on Form
10-K, which may be supplemented and updated by the risk factors in
HGV’s quarterly reports, current reports and other filings HGV
makes with the SEC. HGV’s forward-looking statements speak only as
of the date of this communication or as of the date they are made.
HGV disclaims any intent or obligation to update any
“forward-looking statement” made in this communication to reflect
changed assumptions, the occurrence of unanticipated events or
changes to future operating results over time.
About Hilton Grand Vacations Inc.
Hilton Grand Vacations Inc. (NYSE:HGV) is recognized as a
leading global timeshare company and is the exclusive vacation
ownership partner of Hilton. With headquarters in Orlando, Florida,
Hilton Grand Vacations develops, markets, and operates a system of
brand-name, high-quality vacation ownership resorts in select
vacation destinations. Hilton Grand Vacations has a reputation for
delivering a consistently exceptional standard of service, and
unforgettable vacation experiences for guests and approximately
720,000 Club Members. Membership with the Company provides
best-in-class programs, exclusive services and maximum flexibility
for our Members around the world.
For more information, visit www.corporate.hgv.com. Follow us on
Instagram, Facebook, LinkedIn, X (formerly Twitter), Pinterest and
YouTube.
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version on businesswire.com: https://www.businesswire.com/news/home/20241106674709/en/
Investor Contact: Mark Melnyk 407-613-3327
mark.melnyk@hgv.com
Media Contact: Lauren George 407-613-8431
lauren.george@hgv.com
Hilton Grand Vacations (NYSE:HGV)
過去 株価チャート
から 10 2024 まで 11 2024
Hilton Grand Vacations (NYSE:HGV)
過去 株価チャート
から 11 2023 まで 11 2024
