Hilton Grand Vacations Announces Upsized and Consolidated $850 Million Warehouse Facility
November 15 2024 - 4:15PM
Business Wire
Hilton Grand Vacations Inc. (NYSE:HGV) announces today the
closing on an upsized $850 million revolving warehouse facility.
The facility will accommodate both deeded and trust inventory
including loans from legacy Bluegreen Vacations, which HGV acquired
in January 2024.
The facility includes customary used and unused fees and the
maximum advance rate remains at 90%. The facility’s revolving
period will end in November 2026, with a final maturity in November
2027.
“We are pleased to complete this significant milestone in
integrating our capital markets platforms,” said Dan Mathewes,
president and chief financial officer of Hilton Grand Vacations.
“We appreciate the ongoing support from our lenders and the
increased capital commitments, which continue to position us for
future success.”
Bank of America remains administrative agent of the facility,
and the capital committed comes from Bank of America, Wells Fargo
Bank, Deutsche Bank Securities, Truist Bank, Barclays, Goldman
Sachs, MUFG Bank, Citizens Bank, Regions Bank, HSBC Bank and CIBC
Bank. 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/20241114625126/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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