MIAMI (AP) -- Interval Leisure Group Inc., which manages time share properties, said that one of its subsidiaries has entered into an amended and restated $500 million revolving credit facility.
The new facility replaces the Miami-based company's existing $50 million revolving credit facility and term loan that was set to expire in July 2013. The amended facility expires in June 2017.
The loans bear interest at an annual rate equal to London interbank offered rate plus 1.25 percent to 2.25 percent, based on Interval's consolidated leverage ratio, the company said late Thursday.
Proceeds from the new credit facility will be used for general corporate purposes such as acquisitions and the repayment of debt.
The news of the amended credit facility appeared to cheer investors. Interval shares rose $1.18, or 6.7 percent, to $18.92 in afternoon trading, after climbing as high as $19.80 earlier in the day. Over the past 52 weeks, the company's shares have traded between $10.19 and $20.24.