New York (June 30, 2016) –– Capital One announced yesterday that it closed a four-year $100 million senior warehouse facility for Diamond Resorts International, which will use the facility to finance notes receivable generated from the sale of vacation ownership intervals from its resort properties. Diamond Resorts is one of the largest timeshare companies in the world, with 426 managed and affiliated vacation destinations in 35 countries. It is a regular issuer of timeshare-backed securities and is one of only two issuers to have received an AA rating from the rating agencies.
“Diamond Resorts already had warehouse capacity of $300 million when they approached us,” said Jim Casey, Senior Vice President and Managing Director of Capital One’s Vacation Ownership Lending group. “We tailored the revolver to be consistent with the company’s existing facilities, making it easier for them to utilize it.”
“This transaction gives us added capacity to continue monetizing our vacation interest notes receivable as our sales platform grows,” says Alan Bentley, Diamond Resort’s Chief Financial Officer. “The Capital One team was a pleasure to work with, displaying a thorough understanding throughout the transaction, both of the industry and the needs of our company.”
Capital One Commercial Banking leverages a relationship-based banking model that seamlessly delivers an array of products and services including loans and deposit accounts, asset securitization, treasury management services, merchant services, investment banking, international services, interest rate hedging and correspondent banking.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $221.8 billion in deposits and $330.3 billion in total assets as of March 31, 2016. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.
PRESS RELEASE SOURCE: Capital One
Alexa Hooft Graafland | Account Supervisor | Prosek Partners
O: 212.279.3115 x292 | M: 917.886.1183 | firstname.lastname@example.org | www.prosek.com