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Shell Vacations Completes Major $350 Million Refinancing |
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The $350 million consolidation loan was entered into with Residential Funding Corporation, a division of General Motors Acceptance Corporation (GMAC), with the loan closing on July 21 of this year.
According to Craig Goldstein, CFO of Shell Vacations LLC, and a 20 year veteran of the company, “The primary benefits of this commitment to Shell are a very significant enhancement to our bottom line through the reduction of the cost of capital, the capital to grow as opportunities avail themselves and the ability for us to now dedicate far more time to our day to day operations which provides us greater returns for the company.”
“Of equal importance,” said Goldstein, “for us, it’s a great comfort to once again be working with professionals like Jeffrey Owings and Teresa Mortensen of GMAC who know and understand Shell Vacations, our business, and how our points-based Club works.”
According to Jeffrey A. Owings, the Managing Director of Residential Funding Corporation, “The team at Shell Vacations is no stranger to us. Over the years they have proven themselves to be one of the most entrepreneurial, innovative and visionary executive teams in the business. We are pleased to have rejoined forces with Shelly Ginsburg and his team and look forward to being able to assist Shell Vacations with its future growth and development needs.”
Added Sheldon Ginsburg, Shell Vacations President/CEO, “With this new source of capital, we now have the ability to aggressively pursue several exciting new development projects that we have been keeping on the back burner. Working with Jeffrey Owings and his team will result in a positive impact on our operations because they truly understand the timeshare business and have a solid grasp of the dynamics of our points-based Club product. Perhaps most importantly, they know the key players here at Shell and have a long history with our company culture and operations. It is indeed good to joining forces with a lender like GMAC which is supported by intelligent, knowledgeable, professional people of the highest integrity.”
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