Hilton Grand Vacations accelerates timing on $900 million secured notes; pricing Wednesday

By Paul A. Harris

Portland, Ore., Jan. 9 – Hilton Grand Vacations Inc. accelerated the timing of its $900 million offering of Hilton Grand Vacations Borrower Escrow LLC eight-year senior secured notes (Ba2/BB+/BB+), according to market sources.

The deal is set to price on Wednesday, one day ahead of its announced timing, which had it remaining in the market until Thursday.

Pending official price talk, early guidance has the deal coming to yield in the 7% area.

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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