ORLANDO, Fla.--(BUSINESS WIRE)--Hilton Grand Vacations Inc. (NYSE:HGV) announces today the successful re-pricing of its existing $1.3 billion Term Loan B, maturing Aug. 2, 2028. The new pricing will be SOFR plus 250 basis points, down from SOFR plus 275 basis points. Additionally, the credit spread adjustment for the Term Loan B has been removed.
“We’re pleased with the solid execution, lowering our pricing by 25 basis points and removing the credit spread adjustment,” said Dan Mathewes, president and chief financial officer of Hilton Grand Vacations. “Building on our robust free cash flow and strong balance sheet, we were able to generate over $4.5 million a year in savings, further positioning the company to execute on strategic priorities.”
Proceeds of the issuance, net of fees, were used to reprice the existing Term Loan B due 2028.
Bank of America served as lead arranger and Simpson Thacher & Bartlett LLP represented HGV as issuer counsel.
Important Notice
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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 700,000 Club Members. Membership with the Company provides best-in-class programs, exclusive services and maximum flexibility for our Members around the world.
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