Open Close

Diamond Resorts closes senior notes tender offer

Las Vegas-based hospitality and vacation ownership firm Diamond Resorts International Inc (NYSE: DRII) said that its Diamond Resorts Corp subsidiary has accepted for purchase its 12.0% senior secured notes due 2018 in an aggregate principal amount of USD 50.56m thus completing its recent tender offer.

The company said that the notes tallied were validly tendered and not validly withdrawn pursuant to its previously announced cash tender offer for the notes.

DRC was required to make the tender offer under the indenture governing the notes, as a result of the consummation on July 24, 2013 of the company´s initial public offering of common stock.

The tender offer was made pursuant to an offer to purchase, dated July 26, 2013, which was distributed to holders of the notes.

Diamond said that the tender offer expired at 11: 59 pm ET on August 22, 2013. The total consideration paid by DRC for notes accepted for purchase was USD 1,120 per USD 1,000 principal amount of notes plus accrued and unpaid interest to the date of purchase.

As of the expiration time, USD 99.297m in aggregate principal amount of the outstanding notes had been validly tendered and not validly withdrawn.

Diamond Resorts International has a network of more than 300 vacation destinations located in 33 countries throughout the continental United States, Hawaii, Canada, Mexico, the Caribbean, South America, Central America, Europe, Asia, Australia and Africa.

To learn more visit


If you enjoyed this post, please consider leaving a comment or subscribing to the RSS feed to have future articles delivered to your feed reader.