FYI-- Good news... While they're in our competitive set, it's a great facility and we hope this works out for them...
FOR IMMEDIATE RELEASE
Contact: Merry Tipton, Vice President of Corporate Communications, Sea Island Company, 912-634-4359; merrytipton@seaisland.com
Sea Island Reaches Agreement in Principle for Long-Term Debt Restructuring
SEA ISLAND, GA (April 22, 2009) - Sea Island Company today announced that it has reached an agreement in principle with its primary lenders to enter into a new long-term debt agreement. The agreement will consolidate existing indebtedness into a new three-year credit facility with a final maturity of May 2012. The parties expect to finalize the agreement in early May 2009.
"I am confident that this new agreement provides Sea Island Company with the wherewithal to withstand these challenging economic times. We thank Columbus Bank and Trust Company and its banking partners for their efforts in what we all know to be a challenging lending environment, and would like to say how grateful we are to have them as our bankers. I also thank all the employees of Sea Island Company who have endured these times and yet still provide a quality of service that resulted in four Mobil 5-Star awards being received by the company. And while we will continue to run the company in a financially sound manner, it should be clear to all that our focus remains on providing our members and guests with the level of hospitality they have come to expect over the last 81 years," said Bill Jones III, Sea Island Company Chairman and CEO.
Richard Anthony, Chairman and CEO of Synovus, the parent company of Columbus Bank and Trust, stated, "We value our working relationship with Sea Island Company, which offers some of the finest resort facilities in the world. We look forward to finalizing this agreement and to moving forward.”
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A private resort and real estate development company founded in 1928, Sea Island Company today owns and operates the Mobil Five-Star Cloister at Sea Island and the Mobil Five-Star, AAA Five-Diamond Lodge at Sea Island Golf Club. Sea Island Resorts includes the championship golf courses, Golf Learning Center, the Mobil Five-Star Georgian Room restaurant, extensive recreational facilities and children’s programs, and the Mobil Five-Star Cloister Spa.