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Hilton Grand Vacations talks $675 million eight-year notes to yield 5%-5¼%; pricing Thursday
By Paul A. Harris
Portland, Ore., May 19 – Hilton Grand Vacations Inc. talked its $675 million offering of eight-year senior notes (expected ratings B2/B-) to yield 5% to 5¼%, according to market sources.
Official talk came tight to initial guidance in the low 5% area.
The Rule 144A and Regulation S deal is expected to price on Thursday.
Deutsche Bank Securities Inc. is leading the deal.
The notes come with three years of call protection.
The issuing entities will be Hilton Grand Vacations Borrower Escrow LLC and Hilton Grand Vacations Borrower Escrow Inc., wholly owned subsidiaries of Hilton Grand Vacations.
The Orlando, Fla.-based timeshare company plans to use the proceeds to help support its acquisition of Diamond Resorts International Inc. and repay Hilton Grand Vacations and Diamond Resorts’ senior notes.
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