MIAMI--(BUSINESS WIRE)--Jun. 21, 2012--
Interval Leisure Group, Inc. (NASDAQ: IILG) announced today that its
subsidiary, Interval Acquisition Corp., has entered into an amended and
restated $500 million revolving credit facility, replacing its existing
$50 million revolving credit facility and term loan with an original
principal amount of $150 million that was set to expire in July 2013.
The amended credit facility expires in June 2017 and is guaranteed by
Interval Leisure Group, Inc. and the Borrower’s domestic subsidiaries.
Loans under the amended facility bear interest at a per annum rate equal
to LIBOR plus 1.25% to 2.25%, based on the Borrower’s consolidated
leverage ratio (the beginning LIBOR margin will be 1.75%). Proceeds from
the new credit facility are available for general corporate purposes,
including working capital, capital expenditures, acquisitions, and
redemption of the company’s $300 million 9.5% Senior Notes, due August
2016 and callable September 1, 2012 at par.
Additional details regarding the credit facility are available in the
Current Report on Form 8-K filed with the Securities and Exchange
Commission on June 21, 2012.
About Interval Leisure Group
Interval Leisure Group (ILG) is a leading global provider of membership
and leisure services to the vacation industry. Headquartered in Miami,
Florida, ILG has more than 3,500 employees worldwide.
The company’s primary operating segment is Membership and Exchange,
which offers travel and leisure related products and services to about 2
million member families who are enrolled in various programs. Interval
International, the segment’s principal business, has been a leader in
vacation ownership exchange since 1976. With offices in 15 countries, it
operates the Interval Network of approximately 2,700 resorts in more
than 75 nations. ILG delivers additional opportunities for vacation
ownership exchange through its Trading Places International (TPI) and
Preferred Residences networks.
ILG also has a Management and Rental operating segment that includes
Aston Hotels & Resorts, Vacation Resorts International, and TPI. These
businesses provide hotel, condominium resort, timeshare resort, and
homeowners’ association management, as well as rental services, to
travelers and owners at more than 200 vacation properties, resorts and
club locations throughout North America.
More information about the Company is available at www.iilg.com.
This press release contains "forward-looking statements" within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, relating to: our future financial performance, our business
prospects and strategy, anticipated financial position, liquidity and
capital needs and other similar matters. These forward-looking
statements are based on management's current expectations and
assumptions about future events, which are inherently subject to
uncertainties, risks and changes in circumstances that are difficult to
Actual results could differ materially from those contained in the
forward-looking statements included herein for a variety of reasons
discussed in our filings with the SEC. Other unknown or unpredictable
factors that could also adversely affect our business, financial
condition and results of operations may arise from time to time. In
light of these risks and uncertainties, the forward-looking statements
discussed in this release may not prove to be accurate. Accordingly, you
should not place undue reliance on these forward-looking statements,
which only reflect the views of our management as of the date of this
press release. Except as required by applicable law, ILG does not
undertake to update these forward-looking statements.
Source: Interval Leisure Group, Inc.
Interval Leisure Group, Inc.
Christine Boesch, 305-925-7267