Hilton Grand Vacations, a timeshare company and the vacation ownership partner of Hilton, repriced its existing $1.3 billion term loan B, maturing Aug. 2, 2028. The new pricing will be SOFR plus 250 basis points, down from SOFR plus 275 basis points. Additionally, the credit spread adjustment for the term loan B was removed.

“We’re pleased with the solid execution, lowering our pricing by 25 basis points and removing the credit spread adjustment,” Dan Mathewes, president and CFO of Hilton Grand Vacations, said. “Building on our robust free cash flow and strong balance sheet, we were able to generate over $4.5 million a year in savings, further positioning the company to execute on strategic priorities.”

Bank of America served as lead arranger and Simpson Thacher & Bartlett represented Hilton Grand Vacations as issuer counsel for the transaction.

Hilton Grand Vacations also repriced the term loan last October, reducing the pricing from SOFR plus 300 basis points to SOFR plus 275 basis points.