Westgate Resorts Completes $206,000,000 Securitization of Timeshare Loans

ORLANDO, FL: June 11, 2024/PRNewswire – Westgate Resorts announced today that it has completed a securitization through Westgate Resorts 2024-1 LLC (the "Issuer") for the issuance of $206,000,000 of timeshare collateralized notes to 14 different investors, its seventh securitization since 2012. The notes were offered in a private placement within the United States to qualified institutional buyers pursuant to Rule 144A and outside the United States in accordance with Regulation S under the Securities Act 1933, as amended.

The securitization was rated by DBRS Morningstar, and four classes of Notes were issued for $69,028,000 of AAA rated Class A Notes, $62,530,000 of A rated Class B Notes, $52,680,000 of BBB rated Class C Notes, and $21,690,000 of BB rated Class D Notes. The Class A Notes have a coupon rate of 6.06 percent, the Class B Notes have a coupon rate of 6.56 percent, the Class C Notes have a coupon rate of 7.06 percent, and the Class D Notes have a coupon rate of 9.26 percent for an overall weighted average coupon rate of 6.8. The advance rate on the transaction was 87.60 percent.

“We are very pleased with the results of this securitization and the enthusiasm of the investor community who continue to find strength in our company and business model. The strong interest from the investment community demonstrates faith in Westgate, our servicing platform, and the experience of our long-tenured management team," said Tom Dugan, Chief Financial Officer of Westgate Resorts. The bonds were sold through Triumph Capital Markets as Sole Structuring Advisor and Joint Bookrunning Manager.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The Notes have not been registered under the Securities Act 1993, as amended, or any state securities law. Unless so registered, the Notes may not be offered or sold in the United States, except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.

About Westgate Resorts

Westgate Resorts is the largest privately held timeshare company in the world and one of the largest resort developers in the United States. Founded in 1982 by David Siegel, the company is headquartered in Orlando with 18 themed destination resorts nationwide, featuring more than 13,400 luxury villas and hotel rooms in popular vacation destinations throughout the United States including Orlando and Cocoa Beach, Florida; Park City, Utah; Las Vegas, Nevada; Gatlinburg, Tennessee; Myrtle Beach, South Carolina; Williamsburg, Virginia; Branson, Missouri; and Mesa, Arizona. For more information about Westgate Resorts, visit WestgateResorts.com. Find Westgate Resorts on LinkedIn, Instagram, and Facebook.