Las Vegas-based vacation ownership resort manager Diamond Resorts International Inc (NYSE:DRII) said that it has completed a securitisation involving the issuance of USD 225m of investment-grade rated securities.
According to the company, the issuance was completed through Diamond Resorts Owner Trust 2013-2 and is comprised of USD 213.15m of AA rated vacation ownership loan backed notes and USD 11.85m of A+ rated vacation ownership loan backed notes.
The notes have interest rates of 2.27% and 2.62% respectively, for an overall weighted average interest rate of 2.29%. The advance rate for this transaction was 95%.
Diamond Resorts has a network of more than 300 vacation destinations located in 33 countries throughout the continental United States, Hawaii, Canada, Mexico, the Caribbean, South America, Central America, Europe, Asia, Australia and Africa.
Find out more at www.diamondresorts.com.