We qualified based on the solid paper we carry and low volatility of our current portfolio. Now, these realized savings can positively influence our ability to invest in new product development, team member training and significant upgrades in the comfort of our properties.
Las Vegas, NV (PRWEB) December 19, 2007
Diamond Resorts International® (DRI) announces the completion of $325 million of variable funding notes by Sunterra Issuer 2007, LLC. The notes are backed by vacation ownership receivables originated by subsidiaries of Diamond Resorts International® and represent the financial community's belief in the credibility and security of the company's long-term business plans.
"In an asset-intensive industry, our debt financing strategy is a critical factor in our expansion and acquisition goals," says Stephen J. Cloobeck, Chairman and Chief Executive Officer of DRI. "Having the commitment and confidence of global finance partners in our brand potential and leadership experience gives us the solid foundation we need to develop and acquire the destination choices our owners have requested and so much more."
Timeshare companies have not historically sought conduit financing primarily due to the stringent due diligence of the process. Led by a seasoned financial team seeking innovative means to facilitate cost-effective funding, DRI has become one of the few timeshare companies to leverage this source.
"The lower cost of financing is a major coup in building a world class organization," says DRI President and Chief Operating Officer Simon Crawford-Welch Ph.D., RRP. "We qualified based on the solid paper we carry and low volatility of our current portfolio. Now, these realized savings can positively influence our ability to invest in new product development, team member training and significant upgrades in the comfort of our properties."
The funding notes have not been and will not be registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
About Diamond Resorts International®:
Diamond Resorts International®, based in Las Vegas, Nev., is one of the largest vacation ownership companies in the world with nearly 110 branded and affiliated resorts throughout the continental United States and Hawaii, Canada, Mexico, the Caribbean and Europe. Offering simplicity, choice and comfort to its more than 360,000 owners through the branded-service of more than 5,000 team members worldwide, Diamond Resorts International® is dedicated to providing its guests with effortless and relaxing vacation experiences every time, for a lifetime.
For more information, please visit DiamondResorts.com.