ORLANDO - Hilton Grand Vacations Inc . (NYSE:HGV), a leading global timeshare company, has initiated a private offering of $900 million in senior secured notes due 2032. The move is part of the company's financing strategy for its proposed acquisition of Bluegreen Vacations (NYSE:BXG) Holding Corporation (BVH), a transaction announced on November 6, 2023.
Hilton Grand Vacations intends to use the net proceeds from the offering to finance the acquisition of BVH, which was agreed upon for $75 per share in an all-cash deal valued at approximately $1.5 billion, including net debt. Additionally, the funds will be used to repay certain existing debts and cover related transaction fees and expenses.
The notes are being offered to qualified institutional buyers and to non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act.
This news article is based on a press release statement from Hilton Grand Vacations Inc.
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