We are very pleased with the completion of this transaction. It reflects the superlative performance and quality of the underlying vacation ownership receivables, the efficiency of our servicing platform and the strength of our hospitality management and vacation ownership businesses
Las Vegas, Nev. (PRWEB) October 20, 2009
DIAMOND RESORTS INTERNATIONAL® (DRI), a global leader in the vacation ownership industry, announced that it has completed a securitization involving the issuance of $182 million of investment-grade rated securities. The issuance was completed through Diamond Resorts Owner Trust 2009-1 and was comprised of "A" and "BBB+" rated vacation ownership loan backed notes. The transaction achieved an 81% advance rate against the outstanding balance of the receivables in the securitization portfolio.
"We are very pleased with the completion of this transaction. It reflects the superlative performance and quality of the underlying vacation ownership receivables, the efficiency of our servicing platform and the strength of our hospitality management and vacation ownership businesses," said David Palmer, Chief Financial Officer, Diamond Resorts International®. "We are especially encouraged with the investor demand for this transaction, which allowed us to upsize the deal from an initial offering of $100 million to $182 million. This demand provided us with the opportunity to term-out our consumer receivable-based financings and to add additional capacity under our current conduit receivables facility. We are now one of the few companies in our industry to enjoy this conservative and stable financing position and are uniquely positioned to continue to provide our consumers a compelling value proposition," stated Palmer.
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, or any state securities law. All of such securities having been sold, this announcement of their sale appears as a matter of record only.
Diamond Resorts International®, with global headquarters in Las Vegas, Nev., is one of the largest vacation ownership companies in the world with more than 160 branded and affiliated resorts and over 24,000 guest beds in 26 countries with destinations throughout the continental United States and Hawaii, Canada, Mexico, the Caribbean, Europe, Asia, Australia and Africa. Offering simplicity, choice and comfort to more than 400,000 owners and members through the branded hospitality service of more than 5,500 team members worldwide, Diamond Resorts International® is dedicated to providing its guests with effortless and relaxing vacation experiences every time, for a lifetime. To learn more, visit http://www.DiamondResorts.com.
Annually, nearly 1.4 million owners, members and guests enjoy the simplicity, choice and comfort Diamond Resorts International® offers through our branded hospitality experience.