Hilton Grand Vacations starts roadshow for $900 million eight-year notes; initial talk 7% area

By Paul A. Harris

Portland, Ore., Jan. 5 – Hilton Grand Vacations Inc. plans to kick off a $900 million offering of Hilton Grand Vacations Borrower Escrow LLC eight-year senior secured notes (Ba2/BB+/BB+) on an investor call scheduled to get underway at 10 a.m. ET on Monday, according to market sources.

Initial guidance has the deal coming to yield in the 7% area.

A roadshow is set to run through Thursday, and the deal is expected to price late in the week ahead.

The Rule 144A and Regulation S for life notes come with three years of call protection.

Deutsche Bank Securities Inc., BofA Securities Inc., Barclays, J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and MUFG Securities Americas Inc. are the joint bookrunners.

The Orlando, Fla.-based timeshare company plans to use the proceeds plus a $900 million term loan B to fund its acquisition of Bluegreen Vacations Holding Corp., a Boca Raton, Fla.-based vacation ownership company.

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