July 1, 2009 (FinancialWire) — Silverleaf Resorts, Inc. (NASDAQ: SVLF) (Current Market Cap: $49.21 Mil.) said it has completed purchase and exchange transactions involving $13.5 million of its 8% senior subordinated notes due 2010 held by Grace Brothers, Ltd. and one of its wholly-owned subsidiaries.

The company purchased $3.5 million of the “old notes” for $3.5 million, plus accrued interest, and has exchanged $10 million of Silverleaf’s newly-issued senior subordinated notes due 2012 currently held by Grace Brothers for $10 million of the old notes and paid accrued interest on the old notes exchanged.

As a result of these transactions, there were around $8.5 million in Silverleaf’s old notes and $10 million in Silverleaf’s “new notes” outstanding at June 30.

The old notes are due on April 1, 2010 and the new notes will be due on April 1, 2012.

Dallas-based Silverleaf Resorts owns and operates timeshare resorts.

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