Diamond Resorts International has closed on a $225 million offering of bonds backed by vacation timeshare loans.

The deal, Diamond Resorts Owner Trust 2013-2, is comprised of $213.15 million of notes with an ‘AA’ rating from Standard & Poor’s and $11.85 million of ‘A+’-rated notes. The notes have interest rates of 2.27% and 2.62% respectively, for an overall weighted average interest rate of 2.29%. The advance rate for this transaction was 95%.

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