Hilton Grand Vacations Successfully Reprices Term Loan B
July 18 2024 - 4:15PM
Business Wire
Hilton Grand Vacations Inc. (NYSE:HGV) announces today the
successful re-pricing of its existing $900 million Term Loan B,
maturing Jan. 17, 2031. The new pricing will be SOFR plus 225 basis
points, down from SOFR plus 275 basis points.
“We’re pleased with our continued execution and success on our
capital markets platform, further reducing our spreads and
borrowing costs,” said Dan Mathewes, president and chief financial
officer of Hilton Grand Vacations. “Despite a volatile market, we
continued to expand our investor base and generate nearly $4.5
million in annual savings.”
Proceeds of the issuance, net of fees, were used to reprice the
existing Term Loan B due 2031.
Bank of America served as lead arranger and Simpson Thacher
& Bartlett LLP represented HGV as issuer counsel.
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 more than 700,000
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
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version on businesswire.com: https://www.businesswire.com/news/home/20240716551908/en/
Investor Contact: Mark Melnyk 407-613-3327
mark.melnyk@hgv.com
Media Contact: Lauren George 407-613-8431
lauren.george@hgv.com
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