BUSINESS WIRE -- Silverleaf Resorts, Inc. today announced that it has entered into a definitive agreement with Grace Brothers, Ltd., Chicago, Illinois, and one of its wholly-owned subsidiaries (collectively “Grace Brothers”), concerning the exchange of $10.0 million in Silverleaf’s 8% senior subordinated notes due 2010, currently held by Grace Brothers (“Old Notes”) for $10.0 million in a new class of 10% senior subordinated notes due 2012 (“New Notes”).
