Silverleaf Resorts to purchase 12% notes following change of control

By Marisa Wong

Madison, Wis., May 16 - Silverleaf Resorts, Inc. will begin an offer to purchase any and all of its outstanding 12% senior subordinated notes due 2012, according to an 8-K filed Monday with the Securities and Exchange Commission.

Under the note terms, the company is required to purchase the notes in the event of a change of control. On May 16, the company completed a merger with Resort Merger Sub, Inc., a Texas corporation and wholly owned subsidiary of Delaware corporation SL Resort Holdings Inc.

The notes will be purchased at par plus accrued interest up to the purchase date.

The company expects to make the change-of-control offer as soon as possible, according to the filing.

Silverleaf is a Dallas-based owner and operator of timeshare resorts.

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