Westgate Resorts has completed the securitization of a pool of $175 million of timeshare loans via Westgate Resorts 2015-1.
In a press release published Monday, the firm said that 15 investors purchased a total of $158.3 million of two tranches of notes from the trust through a private placement. The $120 million class A notes, rated A’ by DBRS have a coupon rate of 2.75% and $38.3 million of class B notes, rated BBB’ by DBRS, have a coupon rate of 3.5%. The overall weighted average coupon rate for the deal was 2.93%. The advance rate for the transaction was 90.6%.