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Hilton Grand ups revolver to $800 million, term loan to $200 million
By Wendy Van Sickle
Columbus, Ohio, Nov. 28 – Hilton Grand Vacations Inc. refinanced and increased the capacity of its revolving credit facility by $600 million to $800 million and refinanced and increased its existing term loans to $200 million, according to a Wednesday news release.
At closing of the transaction, $745 million remained available under the revolver.
“This new credit facility provides the flexibility and scale to execute [the company’s] diversified capital deployment strategy, where key improvements include incrementally better pricing spreads and broader latitude to deploy capital,” Hilton Grand Vacations said in the release.
Bank of America, NA, Deutsche Bank Securities Inc., JPMorgan Chase Bank, NA and MUFG Bank, Ltd. acted as co-syndication agents for the new term loan and revolver.
Bank of America, NA is the administrative agent for the revised credit facility.
Proceeds of the term facility will be used to refinance existing debt and for working capital and general corporate purposes.
Hilton Grand Vacations is a timeshare vacation company based in Orlando, Fla.
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