OREANDA-NEWS. September 21, 2016. Interval
Leisure Group (“ILG") (Nasdaq: IILG) announced today
that it has completed a term securitization transaction involving the
issuance of \\$375 million of asset-backed notes. VSE 2016-A VOI Mortgage
LLC, an indirect wholly-owned subsidiary of Vistana Signature
Experiences, Inc. (“Vistana”) issued \\$346 million of Class A notes rated
A+/A and \\$29 million of B notes rated BBB+/BBB. The notes were backed by
vacation ownership loans and had coupons of 2.54% and 2.74%,
respectively, for an overall weighted average coupon of 2.56%. The
advance rate for this transaction was 96.5%.
Of the \\$375 million in proceeds from the transaction, \\$19 million will
be held by VSE 2016-A VOI Mortgage LLC until it purchases all or a
portion of the remaining loans or, if not used for that purpose,
returned to the investors. Approximately \\$35 million was used to repay
the outstanding balance on Vistana’s 2010 securitization and the
remainder will be used to pay transaction expenses, fund required
reserves, pay down a portion of the borrowings outstanding under ILG’s
\\$600 million revolving credit facility and for general corporate
purposes.
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.
About Interval Leisure Group
Interval Leisure Group (ILG) (Nasdaq: IILG) is a leading provider of
professionally delivered vacation experiences and the exclusive global
licensee for the Hyatt®, Sheraton® and Westin®
brands in vacation ownership. The company offers its owners, members,
and guests access to an array of benefits and services, as well as
world-class destinations through its international portfolio of resorts
and clubs. ILG’s operating businesses include Aqua-Aston Hospitality,
Hyatt Vacation Ownership, Interval International, Trading Places
International, Vacation Resorts International, VRI Europe, and Vistana
Signature Experiences. Through its subsidiaries, ILG independently owns
and manages the Hyatt Residence Club program and uses the Hyatt Vacation
Ownership name and other Hyatt® marks under license from
affiliates of Hyatt Hotels Corporation. In addition, ILG’s Vistana
Signature Experiences, Inc. owns and manages the Sheraton Vacation Club
and the Westin Vacation Club and uses related trademarks under license
from Starwood Hotels & Resorts Worldwide, Inc. Headquartered in Miami,
Florida, ILG has offices in 15 countries and approximately 10,000
employees. For more information, visit www.iilg.com.
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