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Hilton Grand Vacations (NYSE: HGV) adds $850.0M 2033 term loan

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Hilton Grand Vacations Inc. entered into Amendment No. 10 to its credit agreement, under which its borrower subsidiary incurred a new $850.0 million term loan. Proceeds will repay about $849.0 million of an existing term loan due 2028 and support general corporate purposes.

The new facility matures on July 17, 2033, ranks pari passu with existing term loans and the revolving facility, and carries the same covenants and events of default. It bears interest at either the Base Rate plus 1.00% or Term SOFR plus 2.00%, with a Term SOFR floor of 0%. Obligations are unconditionally guaranteed by the parent holding company and subsidiary guarantors and secured by a first-priority lien on substantially all of their assets. Quarterly principal payments equal to 0.25% of the original principal begin with the quarter ending December 31, 2026, with the remaining balance due at maturity. The borrower may prepay at any time, subject to a 1.00% fee on certain repricing prepayments within six months and customary Term SOFR breakage costs.

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Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
New term loan principal $850.0 million Principal amount of the new term loan incurred under Amendment No. 10
Existing loan repaid approximately $849.0 million Outstanding borrowings under the existing term loan due 2028 to be repaid
Maturity date July 17, 2033 Stated maturity of the new term loan
Base Rate margin 1.00% Interest margin over the Base Rate for Base Rate borrowings
Term SOFR margin 2.00% Interest margin over Term SOFR for Term SOFR borrowings
Quarterly amortization rate 0.25% Aggregate principal due each fiscal quarter as a percentage of original principal
Repricing prepayment premium 1.00% Premium on voluntary repricing-related prepayments within six months of borrowing
Term SOFR financial
"A SOFR rate (Term SOFR) determined by the forward-looking term SOFR rate published by CME."
Term SOFR is a benchmark interest rate that reflects the cost of borrowing money over a specific period, based on actual transactions in the financial markets. It is used by lenders and borrowers to set the interest rates on loans and financial contracts, helping to ensure rates are fair and transparent. For investors, understanding term SOFR helps gauge borrowing costs and the overall direction of interest rates in the economy.
Base Rate financial
"A base rate (the Base Rate) determined by reference to the highest of several benchmark rates."
The base rate is the primary interest rate set by a central authority or used as a benchmark for pricing loans, savings and other financial products. Think of it as the anchor in a floating system: when the base rate moves, borrowing costs, corporate financing and consumer spending tend to shift too, which can change company profits and investor returns across the market.
pari passu financial
"The New Term Loan ranks pari passu in right of payment and security with existing term loans."
An instruction that different claims, securities, or creditors are treated equally and share rights or payments on the same priority level. For investors, it means their position will be paid or have voting power alongside others in the same class rather than being favored or subordinated—think of several people standing in one bus line who all get on together rather than some cutting ahead. That parity affects expected recovery in reorganizations, dividend order, and relative risk.
first-priority security interest financial
"Obligations are secured by a first-priority security interest in substantially all of the assets."
A first-priority security interest is a lender’s legal claim that is at the front of the line to be paid from specific collateral if a borrower defaults or goes bankrupt. Investors care because holding first priority means a higher chance of recovering money compared with lower-ranked creditors, similar to having the first ticket in a queue: you get served before others and face less risk of loss if the asset’s value is limited.
mandatory prepayment financial
"The New Term Loan is subject to mandatory prepayment on the same terms as existing term loans."

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FAQ

What financing action did Hilton Grand Vacations (HGV) take on July 17, 2026?
Hilton Grand Vacations entered into Amendment No. 10 to its credit agreement, adding a new $850.0 million term loan. This loan refinances existing 2028 term debt and provides additional flexibility for general corporate purposes.

How will HGV use the proceeds of the new $850.0 million term loan?
Proceeds from the new $850.0 million term loan will repay in full approximately $849.0 million of borrowings under the existing term loan due 2028 and fund general corporate purposes, effectively refinancing and modestly resizing the company’s term debt.

What are the key interest terms on Hilton Grand Vacations’ new term loan?
The new term loan bears interest at the Base Rate plus 1.00% or Term SOFR plus 2.00%, at the borrower’s option. Term SOFR borrowings are subject to a 0% Term SOFR floor, keeping the overall pricing aligned with HGV’s existing Term Loan B.

When does Hilton Grand Vacations’ new $850.0 million term loan mature and how is it repaid?
The new term loan matures on July 17, 2033. HGV must make quarterly principal payments equal to 0.25% of the original principal starting with the quarter ending December 31, 2026, with the remaining balance due at maturity.

What collateral and guarantees support HGV’s new term loan, and can it be prepaid?
The loan is guaranteed by Holdings and subsidiary guarantors and secured by a first-priority security interest in substantially all of their assets. The borrower may prepay at any time, subject to a 1.00% fee on certain repricing prepayments within six months and customary breakage costs.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K


CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): July 17, 2026
 
 
Hilton Grand Vacations Inc.
(Exact Name of Registrant as Specified in its Charter)
 

Delaware
001-37794
81-2545345
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)

6355 MetroWest Boulevard, Suite 180
Orlando, Florida 32835
(Address of principal executive offices,
including zip code)
 
 (407) 722-3100
(Registrant’s Telephone Number, Including Area Code)
 
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value per share
HGV
New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company  ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 1.01.
Entry into a Material Definitive Agreement.

On July 17, 2026, Hilton Grand Vacations Inc., a Delaware corporation (the “Company” or “HGV”), Hilton Grand Vacations Parent LLC, a Delaware limited liability company (“Holdings”), Hilton Grand Vacations Borrower LLC, a Delaware limited liability company (the “Borrower”), and certain subsidiaries of the Borrower (such subsidiaries collectively, the “Subsidiary Guarantors”), entered into Amendment No. 10 to the Credit Agreement (the “Amendment”), which amended the Credit Agreement, dated as of August 2, 2021, by and among the Company, Holdings, the Borrower, the guarantors from time to time party thereto, the lenders from time to time party thereto and Wells Fargo Bank, National Association (as successor to Bank of America, N.A.), as administrative agent and collateral agent (the “Credit Agreement”), pursuant to which, among other things, the Borrower incurred a $850.0 million term loan (the “New Term Loan”).
 
Proceeds from the New Term Loan will be used to repay in full outstanding borrowings of approximately $849.0 million under the existing term loan due 2028 and for general corporate purposes.
 
The New Term Loan constitutes a new term loan under the Credit Agreement and ranks pari passu in right of payment and pari passu in right of security with the remaining existing term loans and revolving facility under the Credit Agreement. The New Term Loan will mature on July 17, 2033 (the “New Term Loan Maturity Date”) and is subject to the same affirmative and negative covenants and events of default as the existing remaining term loans under the Credit Agreement.
 
The New Term Loan bears interest at the same rate as the current Term Loan B due 2028, including, at the Borrower’s option, at a rate equal to a margin (which (x) in the case of Base Rate (as defined below) borrowings, equals 1.00% and (y) in the case of Term SOFR (as defined below) borrowings, equals 2.00%) over either (a) a base rate (the “Base Rate”) determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 0.50% and (3) Term SOFR for a one-month interest period plus 1.00% or (b) a SOFR rate (“Term SOFR”) determined by reference to the forward-looking term SOFR rate published by CME Group Benchmark Administration Limited for the interest period relevant to such borrowing. The New Term Loan is subject to a Term SOFR floor of 0%.
 
Holdings and the Subsidiary Guarantors will unconditionally guarantee the obligations under the New Term Loan. The obligations are secured by a first-priority security interest in substantially all of the assets of Holdings, the Borrower and the Subsidiary Guarantors (subject to certain exceptions and qualifications).
 
The Borrower may voluntarily prepay outstanding amounts under the New Term Loan at any time without premium or penalty, other than a 1.00% prepayment premium on voluntary prepayments of the New Term Loan in connection with a repricing transaction on or prior to the six-month anniversary of the borrowing thereof and customary “breakage” costs with respect to Term SOFR loans. The New Term Loan is subject to mandatory prepayment on the same terms, and subject to the same exceptions, as the existing term loans under the Credit Agreement.
 
The Borrower is required to repay the New Term Loans on the last business day of each fiscal quarter, commencing with the fiscal quarter ending December 31, 2026 and continuing until the fiscal quarter ending immediately prior to the New Term Loan Maturity Date, in quarterly installments in an aggregate principal amount equal to 0.25% of the original principal amount of the New Term Loan. The remaining amount of the New Term Loan will be payable on the New Term Loan Maturity Date.
 
This summary is qualified in its entirety by reference to the full text of the Amendment, filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
 
Item 2.03.
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
 
The information provided in Item 1.01 of this Current Report is incorporated by reference herein.
 
Item 9.01.
Financial Statements and Exhibits.
 
 
(d)
Exhibits.
 
Exhibit No.
  
Description
     
10.1
  
Amendment No. 10 to the Credit Agreement, dated as of July 17, 2026, by and among Hilton Grand Vacations Inc., Hilton Grand Vacations Parent LLC,  Hilton Grand Vacations Borrower LLC, the guarantors from time to time party thereto, the lenders from time to time party thereto and Wells Fargo Bank, National Association (as successor to Bank of America, N.A.), as administrative agent and collateral agent.
     
104
  
Cover page Interactive Data File (embedded with the Inline XBRL document).

SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
HILTON GRAND VACATIONS INC.
     
 
By:
/s/ Charles R. Corbin
   
Charles R. Corbin
   
Senior Executive Vice President, General Counsel & Corporate Operations
 
Date: July 17, 2026


Source: View Original Filing on SEC EDGAR

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