Hilton Grand Vacations Successfully Re-prices $1.3 Billion Term Loan B, Enhancing Financial Position
Hilton Grand Vacations Inc. (NYSE:HGV) has announced the successful re-pricing of its existing $1.3 billion Term Loan B, maturing on August 2, 2028. The company has managed to lower the pricing on the loan, reflecting its strong leverage position and ample free cash flow. The new pricing will be SOFR plus 275 basis points, down from SOFR plus 300 basis points, resulting in annual interest savings of over $3 million.
Dan Mathewes, the Chief Financial Officer of Hilton Grand Vacations, expressed satisfaction with the outcome, stating, “Even in light of volatile markets, we were able to successfully lower our pricing on our Term Loan B by 25 basis points. The combination of new investors and annual interest savings further positions us to successfully execute on our strategic priorities.”
The proceeds from the issuance, net of fees, were used to reprice the existing Term Loan B due in 2028. Bank of America served as the lead arranger, while Simpson Thacher & Bartlett LLP represented HGV as issuer counsel.
Hilton Grand Vacations Inc. is a leading global timeshare company headquartered in Orlando, Florida. With a reputation for delivering exceptional service and unforgettable vacation experiences, the company develops, markets, and operates a system of brand-name, high-quality vacation ownership resorts in select vacation destinations. As one of Hilton’s premier brands, Hilton Grand Vacations has more than 520,000 Club Members and offers best-in-class programs, exclusive services, and maximum flexibility for its members worldwide.
For more information about Hilton Grand Vacations, please visit their website at www.corporate.hgv.com.
Source: [Business Wire](https://www.businesswire.com/news/home/20231004127791/en/)