Hilton Grand Vacations Inc. - HGV STOCK NEWS

Hilton Grand Vacations Inc. (NYSE:HGV) has successfully repriced its existing $900 million Term Loan B, set to mature on Jan. 17, 2031. The new pricing is SOFR plus 225 basis points, reduced from the previous SOFR plus 275 basis points. This repricing is expected to generate nearly $4.5 million in annual savings for the company.

Dan Mathewes, president and CFO of Hilton Grand Vacations, expressed satisfaction with the company's execution and success in their capital markets platform, highlighting the reduction in spreads and borrowing costs despite a volatile market. The company also managed to expand its investor base through this process. Bank of America served as the lead arranger, while Simpson Thacher & Bartlett LLP represented HGV as issuer counsel.

Hilton Grand Vacations (NYSE:HGV) announces the return of the HGV Clubhouse for the 2024 FORMULA 1 HEINEKEN SILVER LAS VEGAS GRAND PRIX from Nov. 21-23. The clubhouse will offer exclusive, all-inclusive viewing experiences, including elevated trackside views, chef-curated menus, top-shelf bars, and nightly performances.

Located at the Elara by Hilton Grand Vacations, the clubhouse will feature musical performances by Flo Rida, STARSHIP with Mickey Thomas, LOCASH, and DJ Brooke Evers. Last year's event drew over 315,000 attendees and generated nearly $1.5 billion for Nevada's economy.

Hilton Grand Vacations (NYSE:HGV) announced the appointment of Gail Mandel to its board of directors, expanding the board to 10 members. Mandel, managing director of Focused Point Ventures, brings extensive hospitality, financial, and public company experience. She has previously served as president and CEO of Wyndham Destination Network, where she oversaw the $1.3 billion divestiture of Wyndham’s European Rentals business and completed over 12 acquisitions. Mandel is expected to leverage her expertise in timeshare, financial, and public company sectors to contribute to HGV's strategic direction. She also holds board positions at Sabre , Dave & Buster’s Entertainment, PureStar, and the Community Foundation of New Jersey.

Hilton Grand Vacations (NYSE:HGV) has completed a $375 million securitization of timeshare loans through Hilton Grand Vacations Trust 2024-2 (HGVT). The issuance includes four classes of Notes: $217 million Class A at 5.50% coupon rate, $80 million Class B at 5.65%, $57 million Class C at 5.99%, and $21 million Class D at 6.91%, with an overall weighted average coupon rate of 5.68% and advance rate of 99%.

This marks HGV’s 11th securitization, highlighting strong investor interest with peak oversubscription of 5.2x and orders from over 30 unique investors. The funds will aid in debt reduction and general corporate purposes. The issuance was managed by BofA Securities and co-managed by several other financial institutions.

Hilton Grand Vacations Inc. reported its first quarter 2024 results with total revenues of $1,156 million, a net loss of $(4) million, and adjusted net income of $99 million. The company repurchased shares worth $99 million and has $213 million remaining under the 2023 Share Repurchase Plan. The guidance for 2024 Adjusted EBITDA is between $1.2 billion to $1.26 billion. The acquisition of Bluegreen Vacations was completed in January 2024.

Hilton Grand Vacations Inc. completes a $240 million securitization of legacy Bluegreen Vacations timeshare loans through Hilton Grand Vacations Trust 2024-1B. The transaction included four classes of Notes with varying coupon rates, resulting in an overall weighted average coupon rate of 6.42%. Proceeds will be used to pay down debt and for general corporate purposes, marking HGV's tenth term securitization of timeshare loans. The transaction received significant peak order demand with over 50 orders from more than 35 unique investors.

Hilton Grand Vacations Inc. (NYSE:HGV) will report financial results for the first quarter of 2024 on May 9, 2024. The teleconference will start at 11 a.m. (ET). Participants can join the live webcast on the HGV Investor Relations website or dial in to listen. A replay will be available for three hours post-conference, with a webcast replay and transcript available within 24 hours on the company's website.

Hilton Grand Vacations (HGV) unveils its 2024 Brand Ambassadors, including Annika Sörenstam, Joey Fatone, Katharine McPhee, and others, to headline exclusive member experiences. The brand ambassadors will enhance HGV's experiential travel offerings through exclusive private events like concerts, sporting events, and private chef dinners. This move aligns with HGV's focus on providing unique vacation memories to its members, expanding its reach and variety of vacation experiences.

Hilton Grand Vacations Inc. (NYSE:HGV) has been honored with eight awards in the 2024 American Resort Development Association (ARDA) Awards Program, including two prestigious ARDA Circle of Excellence (ACE) Awards for Project of Excellence and Philanthropy and Community Service. The company's Elara property in Las Vegas received the ACE Project of Excellence award, and they were recognized for their impactful response to the Maui wildfire relief efforts. CEO Mark Wang expressed pride in the team's hard work and dedication, emphasizing the company's commitment to excellence and putting people first. HGV's success in various categories over the years reflects the recognition of their team members' efforts and achievements.