Hilton Grand Vacations to Offer 5 Million Shares, Repurchase 750,000 at Offering Price
HGV•Apollo affiliates will sell 5 million Hilton Grand Vacations shares in a secondary offering, with underwriters granted a 30-day option to purchase up to 750,000 additional shares. Hilton Grand Vacations will repurchase 750,000 shares at the offering price under its existing plan once the transaction closes June 4.
1. Offering Details
Affiliates of Apollo Global Management have priced a secondary offering of 5 million common shares of Hilton Grand Vacations, with the transaction expected to close on June 4 subject to customary conditions.
2. Underwriter Option
Underwriters have a 30-day option to purchase up to 750,000 additional shares from the selling stockholders, potentially increasing the offering size to 5.75 million shares.
3. Company Share Repurchase
Hilton Grand Vacations will repurchase 750,000 shares at the same price paid by the underwriters as part of its existing repurchase plan, and the underwriters will not receive fees on those shares.
4. Book-Running Managers and Process
Wells Fargo Securities is the lead book-running manager, joined by Deutsche Bank, Barclays and J.P. Morgan, and all shares are offered under an effective shelf registration statement.
