Debt & Non-recourse Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Outstanding Borrowings

The following table details our outstanding debt balance and its associated interest rates:

	September 30,			December 31,
($ in millions)	2021			2020
Debt(1)
Senior secured credit facility, due 2023:
Term loan with a rate of 2.70%	$	—		$	177
Revolver with a weighted average rate of 2.70%		300			660
Senior secured credit facility, due 2028:
Term loan with a weighted average rate of 3.50%		1,300			—
Senior notes with a rate of 6.125%, due 2024		—			300
Senior notes with a rate of 5.000%, due 2029		850			—
Senior notes with a rate of 4.875%, due 2031		500			—
Other debt		34			27
		2,984			1,164
Less: unamortized deferred financing costs and discounts(2)(3)		(55	)		(5	)
	$	2,929		$	1,159

(1) As of September 30, 2021 and December 31, 2020, weighted-average interest rates were 4.108 percent and 3.357 percent, respectively.

(2) Amount includes deferred financing costs and related to our term loan and senior notes of $26 million and $23 million, respectively, as of September 30, 2021 and $1 million and $4 million, respectively, as of December 31, 2020. This amount also includes original issuance discounts of $6 million as of September 30, 2021.

(3) Amount does not include deferred financing costs of $3 million and $4 million as of September 30, 2021 and December 31, 2020, respectively, related to our revolving facility included in Other assets in our unaudited condensed consolidated balance sheets.

The following table details our outstanding non-recourse debt balance and its associated interest rates:

	September 30,			December 31,
($ in millions)	2021			2020
Non-recourse debt(1)
Timeshare Facility with an average rate of 1.017%, due 2023(3)	$	96		$	—
HGV Securitized Debt with a weighted average rate of 2.711%, due 2028		78			106
HGV Securitized Debt with a weighted average rate of 3.602%, due 2032		156			202
HGV Securitized Debt with a weighted average rate of 2.431%, due 2033		167			216
HGV Securitized Debt with a weighted average rate of 3.658%, due 2039		204			251
Diamond Resorts Premium Yield Facility with an average rate of 4.766%, due 2031		10			—
Diamond Resorts Owner Trust 2017 with a weighted average rate of 3.504%, due 2029		46			—
Diamond Resorts Owner Trust 2018 with a weighted average rate of 4.061%, due 2031		107			—
Diamond Resorts Owner Trust 2019 with a weighted average rate of 3.277%, due 2032		172			—
Diamond Resorts Owner Trust 2021 with a weighted average rate of 2.160%, due 2032		261			—
		1,297			775
Less: unamortized deferred financing costs(2)		(7	)		(9	)
	$	1,290		$	766

(1) As of September 30, 2021 and December 31, 2020, weighted-average interest rates were 2.925 percent and 3.173 percent, respectively.

(2) Amount relates to Securitized Debt only and does not include deferred financing costs of $2 million and $3 million as of September 30, 2021 and December 31, 2020, respectively, relating to our Timeshare Facility included in Other Assets in our unaudited condensed consolidated balance sheets.

(3) In connection with the amendment to the Timeshare Facility executed in August 2020, the revolving commitment period of the Timeshare Facility

terminates in August 2022, however the repayment maturity date extends 12 months beyond the commitment termination date to August 2023. 

Schedule of Contractual Maturities of Debt

The contractual maturities of our debt and non-recourse debt as of September 30, 2021 were as follows:

($ in millions)	Debt		Non-recourse Debt		Total
Year
2021 (remaining)	$	11	$	65	$	76
2022		15		272		287
2023		314		284		598
2024		13		116		129
2025		13		146		159
Thereafter		2,618		414		3,032
	$	2,984	$	1,297	$	4,281