Key Developments For Silverleaf Resorts, Inc.
Silverleaf Resorts, Inc. (SVLF.O) (Consolidated Issue listed on NASDAQ Capital Market)
Silverleaf Resorts, Inc. Announces Change Of President-Form 8-K
Silverleaf Resorts, Inc. reported in its Form 8-K that President, Sharon K. Brayfield, to serve in a new capacity as President of a newly-created division. The Company's Chief Executive Officer, Robert E. Mead, will assume Ms. Brayfield's former duties as President of the Company.
Silverleaf Resorts, Inc. Extends and Increases Revolving Credit Facility
Silverleaf Resorts, Inc. announced the extension and increase of its revolving receivables-based facility with Wells Fargo Foothill, Inc. as Agent for itself and other Lenders. The facility was increased from an aggregate maximum amount of $35 million to an aggregate maximum amount of $50 million. The revolving period was extended to August 31, 2011 and the maturity date was extended to August 31, 2014. In conjunction with the extension and increase, the Company fully repaid and terminated its $15 million inventory loan from Wells Fargo. The inventory loan had an outstanding balance of approximately $7.8 million and was transferred to one of the Company's other senior lenders.
Silverleaf Resorts, Inc. Revises FY 2008 Earnings Guidance; Announces Stock Repurchase Program
Silverleaf Resorts, Inc. revised its fiscal 2008 net income guidance from $28.0 million to a range of approximately $22.0-$23.0 million or diluted earnings per share of approximately $0.56-$0.58. The Company also announced that its Board of Directors has authorized a two million share repurchase program.
Silverleaf Resorts, Inc. Increases and Extends Revolving Credit Facility
Silverleaf Resorts, Inc. announced the amendment of its revolving credit facility with Liberty Bank as Agent for itself and other Lenders. The facility was increased from an aggregate maximum amount of $37.5 million to an aggregate maximum amount of $72.5 million. The revolving period was extended to July 2010 and the maturity date was extended to July 2013, or if the revolving period is further extended, 36 months from the expiration of the revolving period.
Silverleaf Resorts, Inc. Amends Senior Loan Facilities
Silverleaf Resorts, Inc. announced the amendment of its inventory and receivables credit facilities with CapitalSource Finance LLC. The inventory facility was increased from $30 million to $50 million, with the revolving period extended to April 2010 and the maturity date extended to April 2012. Both the revolving period and the maturity date of the receivables facility were extended from June 2008 to June 2010.
