Silverleaf Resorts, Inc. (NASDAQ: SVLF) today announced
completion of purchase and exchange transactions involving $13.5 million
of its 8% senior subordinated notes due 2010 ("Old Notes") held by Grace
Brothers, Ltd. and one of its wholly-owned subsidiaries. The terms of
the note purchase and note exchange transactions were previously
announced on May 14, 2009. Silverleaf has purchased $3.5 million of the
Old Notes for $3.5 million, plus accrued interest, and has exchanged
$10.0 million of Silverleaf's newly-issued Senior subordinated notes due
2012 ("New Notes") currently held by Grace Brothers for $10.0 million of
the Old Notes and paid accrued interest on the Old Notes exchanged.
As a result of these transactions, there were approximately $8.5 million
in Silverleaf's Old Notes and $10.0 million in Silverleaf's New Notes
outstanding at June 30, 2009. The Old Notes are due on April 1, 2010 and
the New Notes will be due on April 1, 2012. Wells Fargo Bank serves as
indenture trustee for both the Old Notes and the New Notes.
About Silverleaf Resorts
Based in Dallas, Texas, Silverleaf Resorts, Inc. currently owns and
operates timeshare resorts with a wide array of country club-like
amenities, such as golf, clubhouses, swimming, tennis, boating, and many
organized activities for children and adults. For additional
information, please visit www.silverleafresorts.com.
Forward-Looking Statements
This release contains certain forward-looking statements that involve
risks and uncertainties and actual results may differ materially from
those anticipated. The Company is subject to specific risks associated
with the timeshare industry, the regulatory environment, and various
economic factors. These risks and others are more fully discussed under
the heading "Risk Factors" in the Company's reports filed with the
Securities and Exchange Commission, including the Company's 2008 Annual
Report on Form 10-K filed on March 10, 2009.
For more information or to visit our website, click here: http://www.b2i.us/irpass.asp?BzID=1358&Nav=0&S=0&L=1.
Silverleaf Resorts, Inc., Dallas
Thomas J. Morris, 214-631-1166
x2212
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