Daily News: June 25, 2012

Wells Fargo, Others Amend $500MM Revolver for Interval Leisure


Interval Leisure Group, Inc. announced 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.

Wells Fargo Bank acted as administrative agent and collateral agent, Bank of America, PNC Bank and SunTrust Bank, acted as syndication agents, Fifth Third Bank, KeyBank and Union Bank were documentation agents and Wells Fargo Securities, Merrill Lynch, Pierce, Fenner & Smith, PNC Capital Markets and SunTrust Robinson Humphrey were joint lead arrangers and joint bookrunners.

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.

Interval Leisure Group (ILG) is a global provider of membership and leisure services to the vacation industry.