Diamond Resorts International Completes $100 Million Warehouse Facility
May 12 2016 - 5:04PM
Business Wire
Diamond Resorts International, Inc. (NYSE:DRII) announced today
that it has completed a $100 million warehouse facility for its
loans receivable with Capital One Bank. The facility provides for a
$10 million sub-limit of Canadian dollar- denominated receivables.
The facility has a 30 month advance period with a stated maturity
of May 11, 2020. Pursuant to the terms of the facility, the advance
rate on eligible loans receivable is 85%.
“We are very pleased to be working with Capital One in providing
this added capacity to monetize our vacation interests notes
receivable,” says Alan Bentley, Chief Financial Officer. “The
addition of this new warehouse facility brings our total warehouse
capacity to $400 million to meet the needs of our growing sales
platform.”
Cautionary Notes Regarding Forward-Looking Statements
This press release contains forward-looking statements regarding
the Company’s completion of a new warehouse facility for its loans
receivable. These forward-looking statements are covered by the
"Safe Harbor for Forward-Looking Statements" provided by the
Private Securities Litigation Reform Act of 1995. These statements
can be identified by terminology such as “will,” “expects,”
“anticipates,” “future,” “intends,” “plans,” “believes,”
“estimates” or other similar statements, but these words are not
the exclusive means for identifying such statements.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause actual results,
performance or achievements to differ materially from those
expressed in, or implied by, the forward-looking statements,
including, without limitation, the Company’s ability to comply with
the covenants contained in the new warehouse facility; the
Company's ability to sell, securitize or borrow against its
consumer loans; and changes in the default rates of the Company’s
consumer loan portfolio. For a detailed discussion of factors that
could affect the Company's future operating results, please see the
Company's filings with the Securities and Exchange Commission,
including the disclosures under “Risk Factors” in those filings.
Except as expressly required by the federal securities laws, the
Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
changed circumstances or future events or for any other reason.
About Diamond Resorts International®
Diamond Resorts International® (NYSE: DRII), with its network of
more than 420 vacation destinations located in 35 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 420 managed and
affiliated properties and cruise itineraries.
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version on businesswire.com: http://www.businesswire.com/news/home/20160512006625/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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