Hilton Grand Vacations refinanced and increased the capacity under the existing revolving facility from $800 million to $1 billion. As of the transaction close, $699 million remains available under the revolver.

Bank of America will remain as the administrative agent for the new revolving credit facility. Barclays Bank PLC, Deutsche Bank Securities; JP Morgan Chase Bank; MUFG Bank and Wells Fargo Bank acted as co-syndication agents for the new revolving credit facility. Proceeds of the term facility will be used by HGV for working capital and general corporate purposes.

“This new credit facility demonstrates the continued optimization of our capital structure following the successful acquisition of Diamond Resorts,” said Dan Mathewes, senior executive vice president and chief financial officer of Hilton Grand Vacations. “Its larger capacity and improved pricing spreads will provide the scale and flexibility to execute HGV’s diversified capital deployment strategy, enabling us to further our position as the premier timeshare network for our members and guests.”

PJT Partners advised HGV on the revolving facility recast. Alston & Bird LLP and Simpson Thacher & Bartlett LLP represented HGV in this transaction.