Shares of Hilton Grand Vacations Inc. (HGV) surged by 5.05% on Tuesday, November 7th, after the timeshare company reported solid third-quarter earnings and announced a significant securitization deal.
In its Q3 2024 earnings report, HGV posted adjusted earnings per share of $0.83, in line with analysts' expectations, and revenue of $1.306 billion, beating the estimated $1.282 billion. The company's performance was driven by continued strong demand for its vacation ownership products and services.
However, the highlight of the day was HGV's announcement of a $500 million securitization of timeshare loans. The company completed the issuance of three classes of Notes, with an overall weighted average coupon rate of 5.18% and an advance rate of 98%. The proceeds from this transaction will be used to pay down debt and for other general corporate purposes, strengthening HGV's financial position.
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