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Diamond Resorts closes USD 225m securitisation

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.

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