New 5-Year, $500 Million Credit Facility Sets Path for Growth of Orange Lake Resorts
Orange Lake Resorts, home to the Holiday Inn Club Vacations® brand, announced a new 5-year, $500 million revolving credit facility that will provide additional flexibility to support the company's future growth strategy. SunTrust Bank is the lead bank.
"Our long-term relationship with SunTrust and our bank group has helped fuel our tremendous growth," said Orange Lake Resorts President and CEO Tom Nelson. "We are excited to expand this important relationship, as the enhanced credit facility will provide the funding and flexibility to continue expanding our business well into the future."
"SunTrust's relationship with Orange Lake Resorts spans more than 20 years and we are proud to support its continued growth and success," said SunTrust Robinson Humphrey Managing Director Andy Lee. "Orange Lake Resorts is uniquely positioned to take advantage of additional expansion opportunities and we look forward to partnering with the company to help them achieve their goals."
Orange Lake Resorts continues its aggressive growth with recent property acquisitions in New Orleans and the Lake Tahoe area, as well as expanding its corporate campus in Orlando. The company has grown from four resort properties in 2008 to 28 today. It is also well-positioned for future growth with the recent announcements of the 100-year IHG global strategic alliance and a significant minority investment by private equity firm KSL Capital Partners.
SunTrust Robinson Humphrey, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, JP Morgan Chase Bank, N.A., Regions Bank and Citizens Bank, N.A., acted as Joint Lead Arrangers for the new revolving credit facility. SunTrust Bank will serve as the Administrative Agent. The law firm Greenberg Traurig, LLP represented Orange Lake Resorts in this transaction.