Hilton Grand talks $900 million eight-year secured notes at 6¾% area; pricing Wednesday

By Paul A. Harris

Portland, Ore., Jan. 10 – Hilton Grand Vacations Inc. talked its $900 million offering of Hilton Grand Vacations Borrower Escrow LLC eight-year senior secured notes (Ba2/BB+/BB+) to yield in the 6¾% area, according to market sources.

Official talk comes inside of early guidance that had the deal coming to yield in the 7% area.

The deal is set to price Wednesday afternoon, on accelerated timing; when it was announced earlier in the week Hilton Grand’s secured notes offering was scheduled to remain in the market until Thursday.

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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