MIAMI, Jan. 29, 2009 (GLOBE NEWSWIRE) -- Interval Leisure Group (Nasdaq:IILG) ("ILG") and its subsidiary, Interval Acquisition Corp., today announced the closing of the offer to exchange the outstanding unregistered 9.5% Senior Notes due 2016 issued by Interval Acquisition and guaranteed by ILG and its other domestic subsidiaries, for an equal principal amount of a new issue of 9.5% Senior Notes due 2016 with equivalent guarantees registered under the Securities Act. The notes that were exchanged were originally issued in a private placement pursuant to Rule 144A under the Securities Act of 1933.
Interval Acquisition has accepted all of the old notes that were validly tendered in the exchange offer. As of the expiration of the exchange offer at 5:00 p.m. (Eastern) on Wednesday, January 28, 2009, $300 million, or 100%, of the outstanding principal amount of the old notes had been validly tendered in exchange for an equal principal amount of new notes.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any new notes or any other security and will not constitute an offer, solicitation or sale in any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful.
About Interval Leisure Group
Interval Leisure Group ("ILG") is a leading global provider of membership and leisure services to the vacation industry. Its principal business, Interval, has offered its resort developer clients and consumer members high-quality programs and services for more than 30 years. Its approximately two million member families have access to a comprehensive package of year-round benefits, including the opportunity to trade the use of their shared ownership vacation time for comparable accommodations within the network's more than 2,400 resorts in over 75 countries. ILG's other business segment is Aston Hotels and Resorts, formerly ResortQuest Hawaii, which provides vacation rental and property management services for more than 4,500 units throughout the Hawaiian islands. ILG is headquartered in Miami, Florida, and operates through 27 offices in 16 countries. More information about ILG is available at www.iilg.com.