Hilton Grand Vacations Increases Borrowing Capacity and Amends Receivables Loan Agreement

Hilton Grand Vacations Inc. recently announced significant changes to its financing structure with the entry into an amendment to its receivables loan agreement. On November 15, 2024, Hilton Grand Vacations Trust I LLC, a subsidiary of the company, finalized Omnibus Amendment No. 3 to the Amended and Restated Receivables Loan Agreement dated May 3, 2022.

The Amendment includes several key modifications to the existing agreement, most notably an increase in the borrowing capacity from $750,000,000 to $850,000,000. Additionally, the Amendment now allows the Borrower to leverage Bluegreen Timeshare Loans as collateral, subject to specific eligibility criteria and conditions. It also introduces a separate advance rate for the Bluegreen Timeshare Loans based on FICO scores and obligors without an assigned FICO score. Furthermore, the Amendment incorporates customary used and unused fees into the agreement.

As of November 15, 2024, Hilton Grand Vacations Inc. had not utilized the Warehouse Credit Facility for any borrowings. It is worth noting that affiliates of various committed lenders and managing agents under the Warehouse Credit Facility, including prominent institutions like Bank of America, N.A., Deutsche Bank AG, and Wells Fargo Bank, among others, are also involved in the company’s secured credit facility.

The company pointed out that these lenders and agents have provided, and may continue to offer, commercial banking, investment banking, and other financial advisory services to Hilton Grand Vacations and its subsidiaries, for which they receive customary fees and expenses.

Interested parties can access the full text of the Amendment, filed as Exhibit 10.1 to Hilton Grand Vacations’ Current Report on Form 8-K. Additionally, the company included an Interactive Data File as Exhibit 104.

Hilton Grand Vacations Inc. affirmed the accuracy of the report with the signature of Charles R. Corbin, Executive Vice President, General Counsel, and Secretary, dated November 18, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Hilton Grand Vacations’s 8K filing here.

About Hilton Grand Vacations

Hilton Grand Vacations Inc, a timeshare company, develops, markets, sells, manages, and operates the resorts, plans and ancillary reservation services under the Hilton Grand Vacations brand. It operates through Real Estate Sales and Financing, and Resort Operations and Club Management segments. Real Estate Sales and Financing segment market and sells the VOIs, and source VOIs through fee-for-service agreements with third-party developers; and provides consumer financing and services loans.