Silverleaf buys back $1.6 million of 8% notes

By Devika Patel

Knoxville, Tenn., March 10 - Silverleaf Resorts, Inc. retired $1.6 million of its 8% senior subordinated notes due April 2010 in the fourth quarter of 2008, according to a 10-K filed Tuesday with the Securities and Exchange Commission.

The notes were bought back for $1.3 million, resulting in gains of about $250,000.

The company may seek to retire more of the senior subordinated notes in future transactions.

Silverleaf is a Dallas-based owner and operator of timeshare resorts.

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