Diamond Resorts International Completes $260 Million Securitization of Vacation Ownership Receivables
November 20 2014 - 1:42PM
Business Wire
Diamond Resorts International, Inc. (NYSE:DRII) announced today
that it has completed a securitization involving the issuance of
$260 million of investment-grade rated securities. The issuance was
completed through Diamond Resorts Owner Trust (“DROT”) 2014-1 and
is comprised of $235.63 million of A+/AA- rated vacation ownership
loan backed notes and $24.37 million of A-/A rated vacation
ownership loan backed notes. The notes have interest rates of 2.54%
and 2.98% respectively, for an overall weighted average interest
rate of 2.58%. The advance rate for this transaction was 96%.
“The successful completion of this transaction underscores the
strength of our business and the high quality of our loan
portfolio,” stated David F. Palmer, President and Chief Executive
Officer. “Reinforced by two different rating agencies in this
transaction and achieving the highest advance rate since commencing
our DROT program, the investment grade ratings on the
securitization bolster the fact that the market values our powerful
business model and our superior growth since becoming a public
company.”
The transaction was completed in reliance upon Rule 144A and
Regulation S as a placement of securities not registered under the
Securities Act of 1933, as amended (the “Securities Act”), or any
state securities law. All of such securities having been sold, this
announcement of their sale appears as a matter of record only. The
notes have not been registered under the Securities Act, or the
securities laws of any state or other jurisdiction, and may not be
offered or sold in the United States without registration or an
applicable exemption from the Securities Act and applicable state
securities laws.
About Diamond Resorts International®
Diamond Resorts International® has an ownership base of over
515,000 members. With a worldwide network of 313 vacation
destinations located in 34 countries throughout the continental
United States, Hawaii, Canada, Mexico, the Caribbean, Central
America, South America, Europe, Asia, Australia and Africa, we
provide guests with choices and flexibility as they design their
dream vacation, whether they're traveling an hour away or around
the world. Our hassle-free, relaxing vacations give guests a truly
memorable experience every time, for a lifetime.
Diamond Resorts International® manages vacation ownership
resorts and sells vacation ownership points that provide our
members with access to 93 managed resorts, 214 affiliated
properties and six cruise itineraries through THE Club® at Diamond
Resorts International®. To learn more, visit
www.DiamondResorts.com.
Media:Diamond Resorts International, Inc.Stevi Wara,
1-702-823-7069Fax:
1-702-684-8705media@DiamondResorts.comorInvestor:Sloane &
CompanyErica Bartsch, 1-212-446-1875ebartsch@sloanepr.com
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