Hilton Grand Vacations falls after Apollo offloads in secondary offering
BUZZ-Hilton Grand Vacations falls after Apollo offloads in secondary offering ** Timeshare operator Hilton Grand Vacations' HGV.N shares down 4.8% premarket at $49.58 after secondary offering priced
** Orlando, Florida-based HGV late Tues announced entities managed by Apollo Global Management APO.N parted with 5 mln shares
** Offering was marketed at $50.25-$51.25, an up to 3.5% discount to stock's last close, thefly.com reported
** In addition, HGV repurchasing 750,000 of offering shares from the underwriters
** Prior to offering, Apollo owned ~18.2 mln shares, roughly 23% of HGV's ~79.3 mln shares outstanding, per the prospectus
** Wells Fargo lead bookrunner for offering, joined by Deutsche Bank, Barclays and JP Morgan as bookrunners
** At Tues close, HGV shares up 16% YTD including 33% rally QTD
** 4 of 10 analysts rate the stock "buy", 6 "hold"; median PT $55, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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Hilton Grand Vacations falls after Apollo offloads in secondary offering
Hilton Grand Vacations drops as Apollo to offload shares