Hilton Grand Vacations’ $850 Million Senior Notes Offering

Davis Polk advised the bookrunners and co-managers in the offering.

Hilton Grand Vacations Borrower Escrow LLC and Hilton Grand Vacations Borrower Escrow Inc., both subsidiaries of Hilton Grand Vacations Inc. (“HGV”), executed the offering of $850 million aggregate principal amount of their 5.000% senior notes due 2029.

Upon satisfaction of certain escrow conditions, the proceeds of the notes will be used to fund the acquisition of Dakota Holdings, Inc., fund the redemption of HGV’s existing notes, certain outstanding Hilton Grand Vacations and Dakota Holdings indebtedness and pay related fees, costs, premiums and expenses.

Hilton Grand Vacations is a timeshare company that markets and sells vacation ownership intervals, manages resorts in top leisure and urban destinations and operates a points-based vacation exchange program, comprising 62 managed properties primarily located in vacation destinations such as Orlando, Las Vegas, the Hawaiian Islands, New York City, Washington DC, South Carolina, Barbados and Mexico.

The Davis Polk corporate team advising Deutsche Bank Securities Inc., as representative of the Initial Purchasers, included partners Michael Kaplan (Picture) and Marcel Fausten and associate Joze Vranicar. Counsel Kiara L. Rankin and associate Shay Moyal provided tax advice. Partner Jeong M. Lee, counsel David Hahn, associate Tom Wolfe and associate Courtney Sohn provided finance advice. 

Involved fees earner: Marcel Fausten – Davis Polk & Wardwell; David Hahn – Davis Polk & Wardwell; Michael Kaplan – Davis Polk & Wardwell; Jeong Lee – Davis Polk & Wardwell; Shay Moyal – Davis Polk & Wardwell; Kiara Rankin – Davis Polk & Wardwell; Courtney Sohn – Davis Polk & Wardwell; Joze Vranicar – Davis Polk & Wardwell; Tom Wolfe – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Deutsche Bank Securities;

Author: Martina Bellini