Hilton Grand Vacations Inc. (HGV): debt financing — HGV refinances with $1.0B revolving credit facility, covenant eased to 4.25x

Hilton Grand Vacations Inc.

Entered Amendment No. 8 to Credit Agreement on Jan 31, 2025, establishing $1.0B new revolving credit facility maturing Jan 31, 2030.
Existing revolving commitments terminated; new facility margins range from 0.50%-0.95% (Base Rate) and 1.50%-1.95% (Term SOFR).
Consolidated First Lien Net Leverage Ratio covenant increased from 3.25x to 4.25x (subject to 0.50x increase after material acquisitions).
Applicable rates on Initial Term Loans reduced to 2.00% (Term Benchmark) and 1.00% (Base Rate); similar reductions for other term loans.
Bank of America resigned as Administrative Agent; Wells Fargo appointed as successor.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Hilton Grand Vacations Inc. incurred revolving credit of $1.0 billion with Bank of America, N.A. at Term SOFR plus 1.50% to 1.95% per annum or Base Rate plus 0.50% to 0.95% per ann maturing January 31, 2030.

Instrument: revolving credit
Principal: $1.0 billion
Counterparty: Bank of America, N.A.
Rate: Term SOFR plus 1.50% to 1.95% per annum or Base Rate plus 0.50% to 0.95% per ann
Maturity: January 31, 2030
Event: incurrence

Exact text from the filing

the Borrower incurred $1.0 billion of a new class of revolving credit commitments (the "New Revolving Credit Facility").

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Hilton Grand Vacations Inc. filing history →

Source: SEC EDGAR

accession 0001140361-25-002888

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