Press Release
November 31, 2000
DALLAS, TX -- Silverleaf Resorts, Inc. (NYSE: SVR) yesterday announced that it has entered into a $100 million
revolving credit facility with Autobahn Funding Company LLC, an asset-backed multi-seller commercial paper conduit,
sponsored and administered by DG BANK Deutsche Genossenschaftsbank AG, to finance Vacation Ownership Interests
(VOI) receivables through an off-balance sheet, special purpose subsidiary.
The term of the credit agreement is 5 years. The first funding took place on November 1, 2000 for approximately
$41.4 million.
Robert E. Mead, Chairman and CEO of Silverleaf stated, ``We are very pleased to have entered into this credit facility
which addresses several key financial goals. This new credit facility allows us to significantly pay down other
lines of credit and thereby free up available funding to finance new VOI contracts. Secondly, through the use of
asset-backed securitization we are able to significantly lower our borrowing costs and increase the income we earn
on our receivables. And finally, with the use of off-balance sheet non-recourse financing our financial flexibility
is enhanced.''
Based in Dallas, Texas, Silverleaf Resorts, Inc. currently owns and/or operates 22 resorts in various stages of
development. Silverleaf resorts offer a wide array of country club-like amenities, such as golf, swimming, horseback
riding, boating, and many organized activities for children and adults. Silverleaf has a managed ownership base
of over 113,000. Further information on the Company may be found on its website, www.silverleafresorts.com.
This release contains certain forward-looking statements which 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. Additionally, anticipated results are dependent
upon the Company's ability to identify and acquire or develop other operations under terms which are beneficial
to the Company and its shareholders. Other risk factors are more fully discussed under ``Cautionary Statements''
in the Company's SEC reports, including the Company's 1999 annual report on Form 10K (pages 29 through 35).
-------------------------------------------------
Contact:
Silverleaf Resorts, Inc.
Harry J. White, Jr., CFO
214/631-1166
or
Morgen-Walke Associates
Michele Katz / Michael Polyviou
Press: Steven DiMattia
212/850-5600