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%.
Amherst Pierpoint Securities Group and Capital One Securities, co-managed the offering, which brings the total of timeshare loans securitized by Westgate since 1992 to $2.6 billion
"The continued execution of these transactions demonstrates the faith the investment community has in the Westgate business model, its servicing platform, the performance of prior structured transactions and its management team," chief financial officer Tom Dugan stated in the press release.