Silverleaf says 86.7% of 6% notes tendered in exchange

New York, June 2 - Silverleaf Resorts, Inc. said holders tendered $24.671 million or 86.67% of its 6% senior subordinated notes due 2007 in its exchange offer for the securities.

The company said the effective date will be June 7. On that day it will issue $24.671 million of new 8% senior subordinated notes due 2010 and make an additional interest payment to holders who tendered.

Silverleaf said on May 4 that it was beginning an offer to exchange new debt for all $28.467 million principal amount of outstanding 6% senior subordinated notes due 2007.

The exchange offer was set to expire at 5 p.m. ET on June 2, subject to possible extension.

Silverleaf Resorts, a Dallas-based time-share resorts company, said that it will offer holders of its 6% notes newly issued 8% senior subordinated notes due 2010 and payment of interest on the 6% notes through the date of exchange.

For the exchange offer to be consummated, at least 80% of the principal amount of the outstanding 6% notes (about $22.774 million) must be tendered in the exchange.

Silverleaf said that tenders of 6% notes may be withdrawn at any time prior to the exchange offer's expiration date.

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