Hilton Grand Vacations Proposes Secondary Offering of 5M Shares
Hilton Grand Vacations announced a proposed secondary public offering of 5M shares of the company's common stock held by certain entities managed by affiliates of Apollo Global Management. The company is not selling any shares and will not receive any proceeds from the offering. Wells Fargo Securities is acting as lead book-running manager for the offering. In addition, HGV has authorized the concurrent purchase from the underwriters of up to 750,000 shares of common stock as part of the offering so long as the total amount of shares HGV purchases from the underwriters does not exceed $40M, subject to the completion of the offering. The share repurchase will be made pursuant to the company's existing repurchase plan. The underwriters will not receive any underwriting fees for the shares being repurchased by the company.
