Diamond Resorts International Completes $180 Million Securitization of Vacation Ownership Receivables
November 17 2015 - 12:28PM
Business Wire
Diamond Resorts International, Inc. (NYSE:DRII) announced today
that it has completed a securitization involving the issuance of
$180 million of investment-grade rated securities. The issuance was
completed through Diamond Resorts Owner Trust (“DROT”) 2015-2 and
is comprised of $159.38 million of AA- rated vacation ownership
loan backed notes and $20.62 million of A- rated vacation ownership
loan backed notes. The notes have interest rates of 2.99% and 3.54%
respectively, for an overall weighted average interest rate of
3.05%. The advance rate for this transaction was 96%.
“This is the second securitization that we completed in 2015,
and we are very pleased with the results,” says Alan Bentley, Chief
Financial Officer. “We have issued approximately $1.2 billion in
the securitization market since we began the program in 2009, and
we continue to deliver to the market the highest rated, investment
grade facilities in our industry, reflecting the superior
performance of our receivables portfolio.”
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® (NYSE: DRII), with its network of
more than 330 vacation destinations located in 34 countries
throughout the continental United States, Hawaii, Canada, Mexico,
the Caribbean, South America, Central America, Europe, Asia,
Australasia and Africa, provides guests with choice and flexibility
to let them create their dream vacation, whether they are traveling
an hour away or around the world. Our relaxing vacations have the
power to give guests an increased sense of happiness and
satisfaction in their lives, while feeling healthier and more
fulfilled in their relationships, by enjoying memorable and
meaningful experiences that let them Stay Vacationed.™
Diamond Resorts International® manages vacation ownership
resorts and sells vacation ownership points that provide members
and owners with Vacations for Life® at over 330 managed and
affiliated properties and cruise itineraries.
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version on businesswire.com: http://www.businesswire.com/news/home/20151117006644/en/
Media:Diamond Resorts International, Inc.Stevi Wara,
1-702-823-7069Fax:
1-702-684-8705media@DiamondResorts.comorInvestors:Sloane &
CompanyErica Bartsch, 1-212-446-1875ebartsch@sloanepr.com
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