Triumph Capital Markets Advises Westgate Resorts on $206 million Timeshare Loan Securitization
Press Release
Jul 10, 2024
CHICAGO – July 10, 2024 – Triumph Capital Markets (“Triumph”), an affiliate of Victory Park Capital Advisors, LLC focused on structured financing and capital markets solutions, advised Westgate Resorts, the largest privately held timeshare company globally and one of the largest resort developers in the U.S., on a recently completed securitization involving the issuance of $206 million of timeshare collateralized notes.
The notes were rated by DBRS Morningstar, and four classes of Notes were issued: $69,028,000 of AAA-rated Class A Notes, $62,530,000 of AAA-rated Class B Notes, $52,680,000 of BBB-rated Class C Notes, and $21,690,000 of BB-rated Class D Notes. Triumph served as the Sole Structuring Advisor and Joint Bookrunning Manager for the securitization.
“We are delighted to have advised Westgate Resorts on this securitization, which was well received by the investor community,” said Kevin Gibbons, CEO at Triumph. “The positive outcome is a reflection of the strength of Westgate’s business, experienced management team, and the long-standing success of its securitization platform, and we look forward to partnering with similarly well-positioned businesses to serve their structured financing needs.”
Triumph was launched in 2023, and approved as a broker/dealer in early 2024 amid increasing demand from investors seeking alternative asset classes with consistent returns in varying market conditions and from companies that need access to structured financing solutions to accelerate their growth. Triumph is led by veteran asset-backed securitization and capital markets executives Kevin Gibbons and Jim Dowd. Messrs. Gibbons and Dowd were previously managing directors in the asset-backed securities banking group at Amherst Pierpont Securities LLC before joining Santander US Capital Markets LLC in April 2022 following its acquisition of Amherst Pierpont.
“Jim and Kevin have been long-term advisors to Westgate, and we value the opportunity to have collaborated with Triumph Capital Markets on this successful securitization,” said Tom Dugan, CFO of Westgate.
“Triumph’s expertise in structured financing and capital markets solutions has once again proven invaluable,” said Richard Levy, VPC’s Chief Executive Officer, Chief Investment Officer, and Founder. “This transaction underscores our commitment to supporting our clients with innovative and strategic financial solutions that help them achieve their business objectives.”
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 Triumph Capital Markets
Triumph Capital Markets, LLC is an affiliate of Victory Park Capital Advisors, LLC, focused on structured financing and capital markets solutions. Based in Chicago, Illinois, Triumph is a fixed-income capital markets group that serves non-bank financial institutions with expertise in asset-backed securities, structured credit, and specialty finance.
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.
Media Contacts
Triumph Capital Markets
Jordan Niezelski, Edelman Smithfield