Hilton Grand Vacations driving by with $425 million 10-year notes; initial talk in 5% area

By Paul A. Harris

Portland, Ore., June 14 – Hilton Grand Vacations Inc. plans to price a $425 million offering of 10-year senior notes (B2/B-) in a Monday drive-by, according to a market source.

Initial guidance is in the 5% area.

Deutsche Bank Securities Inc. is leading the Rule 144A and Regulation S deal.

The notes come with five years of call protection.

The issuing entities will be wholly owned subsidiaries Hilton Grand Vacations Borrower Escrow LLC and Hilton Grand Vacations Borrower Escrow Inc.

The Orlando, Fla.-based vacation company plans to use the proceeds to fund the acquisition of Dakota Holdings Inc.

Pending that use, the proceeds will be escrowed.

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