Hilton Grand to sell $900 million secured notes backing its acquisition of Bluegreen Vacations

By Paul A. Harris

Portland, Ore., Jan. 3 – Hilton Grand Vacations Inc. plans to place $900 million of secured notes, a market source said on Wednesday.

The notes are part of a debt package backing Hilton Grand’s acquisition of Bluegreen Vacations Holding Corp.

Debt financing also includes a $900 million seven-year term loan B, which is set to kick off on a Thursday bank meeting. Syndication of the loan has been undertaken by arrangers BofA Securities Inc., Deutsche Bank Securities Inc., Barclays, JPMorgan Chase Bank, MUFG and Goldman Sachs Bank USA.

Proceeds are intended to be used with $900 million of other new senior secured debt to fund the acquisition of Bluegreen Vacations for $75 per share in an all-cash transaction, representing total consideration of about $1.5 billion, including net debt.

Closing is expected during the first half of 2024.

Hilton Grand Vacations is an Orlando, Fla.-based timeshare company. Bluegreen Vacations is a Boca Raton, Fla.-based vacation ownership company.

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