Shell Vacations Raises Growth Capital
PRESS RELEASE -- Hotels, 1/29/2010 7:29:40 AM
Shell Vacations LLC has received a substantial investment from York Capital Management. As part of the transaction, Shell Vacations completed a recapitalization through which it replaced its existing senior term loan with a York equity interest and a working capital loan. Simultaneously York acquired a portion of the Company's existing indebtedness.The company intends to use the proceeds from the recapitalization to grow its operations and pursue opportunities in related businesses. Terms of the transaction were not disclosed.
Shell Vacations operates through a club points system that allows its club members to use their points at any resort in the Shell system or for any number of external benefits including hotels, flights, cruises, and entertainment.
"We are very pleased to welcome our new partners to the company," said Sheldon Ginsburg, Chairman of Shell Vacations . "York brings an expertise in structuring and financing that will be particularly important in Shell Vacations' ongoing development."
Shell Vacations President Tracy L. Sherles agrees, "With York's investment and access to capital, Shell Vacations will be well positioned to capitalize on future developments and opportunities."
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