Alston & Bird client Hilton Grand Vacations Inc. has closed a $300 million securitization of vacation ownership loans through Hilton Grand Vacations Trust 2019-A.
The transaction features three classes of securities: Class A notes of approximately $215 million, Class B notes of approximately $50 million, and Class C notes of approximately $34 million.
Proceeds of the issuance, net of fees, will be used to pay down debt and for other general corporate purposes, including inventory investments.
The notes were offered in a private placement within the U.S. to qualified institutional buyers pursuant to Rule 144A and outside the U.S. in accordance with Regulation S under the Securities Act of 1933, as amended.
Advising Hilton Grand Vacations on the transaction was an Alston & Bird team led by partners Alex Park (Capital Markets & Securities) and Tara Castillo (Finance) and senior associates Bradford Patterson (Commercial Real Estate Lending) and Lindsey Arthur (Corporate Debt Finance), assisted by partner Mark Harris (Finance), partners John Baron and Jim Croker and associate Stefanie Kavanagh (Federal & International Tax), partner Jonathan Rose (Employee Benefits & Executive Compensation), partner David Baum (Capital Markets & Securities), partners Nanci Weissgold, Stephen Ornstein, and Cliff Stanford and senior associate Lisa Lanham (Consumer Finance Regulatory Compliance), partner Jonathan Edwards (Bankruptcy & Financial Restructuring), senior associate Ross Speier (Financial Services & Products), and counsel Jason Rhoades (Litigation & Trial Practice).