Hilton Grand Vacations extends $850m term loan maturity to 2033
Hilton Grand Vacations Inc. refinanced its $849 million Term Loan B due 2028 with an $850 million facility due 2033 at SOFR plus 200. Proceeds will repay the existing loan. JP Morgan Chase Bank, N.A. acted as lead arranger.
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Hilton Grand Vacations Inc. has successfully refinanced its existing $849 million Term Loan B due 2028 with an amended $850 million Term Loan B due 2033. The pricing remained unchanged at SOFR plus 200. This extension allows the company to push out maturities while maintaining attractive pricing.
Proceeds from the issuance, net of fees, will be used to fully repay the existing Term Loan B due 2028. Dan Mathewes, president and chief financial officer of Hilton Grand Vacations, stated that the transaction reflects the strength of the company’s capital markets platform and investor confidence in its strategy and long-term growth outlook.
Transaction Details
The refinancing replaces the previous debt facility with a new maturity date in 2033. The key terms of the transaction are outlined below:
| Facility | Amount | Maturity | Pricing |
|---|---|---|---|
| Existing Term Loan B | $849 million | 2028 | SOFR plus 200 |
| Amended Term Loan B | $850 million | 2033 | SOFR plus 200 |
JP Morgan Chase Bank, N.A. served as the lead arranger for the Term Loan B refinance. Alston and Bird LLP and Nelson Mullins Riley & Scarborough LLP represented Hilton Grand Vacations as issuer counsel.
How will the extended debt maturity impact Hilton Grand Vacations' flexibility for future acquisitions or capital expenditures?
What factors might influence the company's ability to maintain similar pricing terms in future refinancing efforts?
Could this refinancing signal a broader trend of extended debt maturities in the hospitality sector?
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