BUZZ-Hilton Grand Vacations falls after Apollo offloads in secondary offering
Apollo Global Management Inc APO | 0.00 | |
Hilton Worldwide Holdings Inc. HLT | 0.00 | |
Wells Fargo WFC | 0.00 | |
Hilton Grand Vacations, Inc. HGV | 0.00 |
** 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