Westgate Resorts Completes $169M Securitization of Timeshare Loans

Nov 30, 2015, 15:00 ET from Westgate Resorts

ORLANDO, Fla., Nov. 30, 2015 /PRNewswire/ -- Westgate Resorts has announced the completion of a securitization of a pool of $169.1 million of timeshare loans contributed on November 20, 2015, to Westgate Resorts 2015-2 LLC (the "Issuer"). In connection with the securitization, twelve (12) investors purchased $155.9 million of notes (the "Notes") from the Issuer. The Notes were offered in a private placement within the United States to qualified institutional buyers pursuant to Rule 144A and outside the United States in accordance with Regulation S under the Securities Act of 1933, as amended.

The securitization was rated by DBRS and two classes of Notes were issued by the Issuer: $127.9 million of A-rated Class A Notes, and $28 million of BBB-Rated Class B Notes. The Class A Notes have a coupon rate of 3.2 percent, the Class B Notes have a coupon rate of 4.0 percent for an overall weighted average coupon rate of 3.34 percent. The advance rate for this transaction was 92.2%.

The bonds were sold through Amherst Pierpoint Securities Group, Lead Manager and Capital One Securities, Inc., Co-Manager and bring the total of notes sold by Westgate/Amherst during the last 3 years to approximately $1.3 billion. Since 1992, Westgate has sold $2.75 billion dollars of notes in the securitization market. "This is the second securitization that we completed in 2015 and are very pleased with the results under very volatile market conditions. The continued execution of these transactions demonstrates the faith the investment community has in the Westgate business model, its servicing platform, the performance of prior structured transactions and its management team," stated Tom Dugan, Chief Financial Officer of Westgate Resorts.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The Notes have not been registered under the Securities Act of 1933, as amended, or any state securities law. Unless so registered, the Notes may not be offered or sold in the United States, except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.

About Westgate Resorts
Founded in 1982 by David A. Siegel, Westgate Resorts is the largest privately owned timeshare company in the world and one of the largest resort developers in the United States. Westgate features themed destination resorts with over 13,500 luxury villas and hotel rooms in premier locations throughout the United States such as Orlando, Florida; Park City, Utah; Las Vegas, Nevada; Gatlinburg, Tennessee; Myrtle Beach, South Carolina; Williamsburg, Virginia; Miami, Florida; and Branson, Missouri. Most Westgate Resort locations feature a variety of unique restaurant, retail and spa concepts, including the Drafts Sports Bar and Grill, Westgate Smokehouse Grill, Edge Steakhouse, Westgate Marketplace and Deli, and Serenity Spa by Westgate. For more information about Westgate Resorts, visit www.westgateresorts.com.

About Amherst Pierpoint
Amherst Pierpont Securities was formed in 2014 through the merger of Amherst Securities (founded in 1993) and Pierpont Securities (founded in 2009). The combination melds Amherst's unparalleled leadership in mortgage-related securities and securitized products with Pierpont's strength in liquid products and scalable infrastructure. Positioned to capitalize on growth opportunities, Amherst Pierpont employs approximately 200 Fixed Income professionals with vast industry experience and the expertise to help clients succeed in today's markets. Amherst Pierpont is a member of FINRA and SIPC. For additional information about Amherst Pierpont, please visit their website at www.aspec.com.

SOURCE Westgate Resorts