Hilton Grand launches $1.27 billion term loan at SOFR plus 250 bps

By Sara Rosenberg

New York, March 15 – Hilton Grand Vacations Borrower LLC held a lender call at noon ET on Friday to launch a $1.271 billion term loan B due Aug. 2, 2028 that is talked at SOFR plus 250 basis points with no CSA, a 0% floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

BofA Securities Inc. is the left lead arranger on the deal.

Commitments are due at noon ET on Thursday, the source added.

Proceeds will be used to reprice an existing $1.271 billion term loan B down from SOFR+CSA plus 275 bps with a 0% floor. Current CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Hilton Grand Vacations is an Orlando, Fla.-based timeshare company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.