HGV refinanced and increased the capacity under its existing revolving facility by $600 million to $800 million. At close, $745 million remained available under the revolver.
HGV also refinanced and increased the existing term loans under the current credit agreement outstanding immediately prior to November 28, 2018 to an aggregate outstanding principal amount of $200 million.
The expanded facility will provide flexibility and scale to execute HGV’s diversified capital deployment strategy, including incrementally better pricing spreads and broader latitude to deploy capital.
Proceeds from the term facility will be used to refinance existing indebtedness and for working capital and general corporate purposes.
Bank of America, Deutsche Bank Securities, JP Morgan Chase Bank and MUFG Bank acted as co-syndication agents on the new term loan and revolver.
PJT Partners advised HGV on the debt financing transaction. Womble Bond Dickinson and Simpson Thacher & Bartlett represented HGV on the transaction.