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September 01, 2020 1:25pm
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Hilton Grand Vacations Completes $240 Million Term Securitization

Hilton Grand Vacations Inc. (NYSE:HGV) announces today the completion of a $240 million securitization of legacy Bluegreen Vacations timeshare loans through Hilton Grand Vacations Trust 2024-1B (“the Trust”). Four classes of Notes were issued by the Trust, including approximately $101 million of Class A Notes, approximately $58 million of Class B Notes, approximately $46 million of Class C notes, and approximately $35 million of Class D Notes.

The Class A Notes have a coupon rate of 5.75%, the Class B Notes have a coupon rate of 5.99%, the Class C Notes have a coupon rate of 6.62%, and the Class D Notes have a coupon rate of 8.85% for an overall weighted average coupon rate of 6.42%, and an overall advance rate of 90.5%.

“We’re pleased with the nearly 9.2x peak subscription levels on this transaction, reflecting continued strong execution on our leading capital markets platform,” said Dan Mathewes, president and chief financial officer of Hilton Grand Vacations. “This highlights the strength of our brand and market position as we nearly quadrupled Bluegreen Vacations’ historical investor base on HGV’s first securitization of Bluegreen Vacations collateral, further positioning us to execute on our sales and marketing initiatives.”

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 tenth term securitization of timeshare loans, and the first issuance of legacy Bluegreen Vacations collateral under the HGVT issuance shelf. The transaction saw significant peak order demand with over 50 orders from more than 35 unique investors.

BofA Securities served as the Structuring Lead Manager and Joint Bookrunner along with Citizens Capital Markets and Truist Securities. Deutsche Bank Securities, Wells Fargo Securities, Barclays, MUFG, Goldman Sachs & Co. LLC, Academy Securities, and Regions Securities LLC 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

The statements in this press release may include forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “would,” “could,” or similar expressions indicate a forward-looking statement; however, not all forward-looking statements include these identifying words. These forward looking statements involve substantial risks and uncertainties that could cause the outcome to be materially different, including the material impact of the COVID-19 pandemic on the Company’s business, operating results and financial condition, general economic conditions, the actual timing and status of, or any disruptions to, the re-opening of the Company’s properties, as well as those factors that are discussed under the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that may update or supplement such disclosure. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Company’s other filings with the Securities and Exchange Commission. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by law.

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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