Diamond Resorts Corporation Announces the Completion of Its Cash Tender Offer for Its 12.0% Senior Secured Notes Due 2018
24 August 2013 - 4:44AM
Business Wire
Diamond Resorts Corporation (“DRC”), an indirect wholly-owned
subsidiary of Diamond Resorts International, Inc. (NYSE: DRII) (the
“Company”), a global leader in the hospitality and vacation
ownership industries, announced today that it has accepted for
purchase its 12.0% Senior Secured Notes Due 2018 (the “Notes”) in
an aggregate principal amount of $50,560,000 that were validly
tendered and not validly withdrawn pursuant to its previously
announced cash tender offer (the “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 (the “Offer to Purchase”). The Tender Offer expired at 11:59
p.m., New York City time, on August 22, 2013 (the “Expiration
Time”). The total consideration paid by DRC for Notes accepted for
purchase was $1,120 per $1,000 principal amount of Notes (the
“Tender Offer Consideration”), plus accrued and unpaid interest to
(but excluding) the date of purchase (the “Accrued Interest”).
As of the Expiration Time, $99,297,000 in aggregate principal
amount of the outstanding Notes had been validly tendered and not
validly withdrawn. On August 23, 2013, because the Tender Offer was
oversubscribed, DRC accepted for purchase an aggregate principal
amount of $50,560,000 of Notes on a prorated basis in the manner
described in the Offer to Purchase, which represents the aggregate
principal amount of Notes that can be purchased by DRC for the
aggregate amount of Tender Offer Consideration which, together with
the Accrued Interest, equals $56,797,854, and paid such aggregate
amount of Tender Offer Consideration and Accrued Interest for the
aggregate principal amount of Notes accepted for purchase. Notes in
an aggregate principal amount of $374,440,000 remain outstanding
following the completion of the Tender Offer.
Credit Suisse Securities (USA) LLC (Collect:
(212) 538-2147, U.S. Toll Free: (800) 820-1653) acted as
the exclusive Dealer Manager for the Tender Offer. The Depositary
for the Tender Offer was Wells Fargo Bank, National
Association.
This press release is for informational purposes only and does
not constitute an offer to buy, a solicitation of an offer to sell,
or a solicitation of tenders or consents with respect to, any
Notes.
About Diamond Resorts International®
Diamond Resorts International®, with its 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
provides guests with choices and flexibility as they design their
dream vacation, whether they're traveling an hour away or around
the world. Our hassle-free, relaxing vacations give guests a truly
memorable experience every time, for a lifetime.
Diamond Resorts International® manages vacation ownership
resorts and sells vacation ownership points that provide our
members with access to 92 managed resorts, 210 affiliated
properties and four cruise itineraries through THE Club® at Diamond
Resorts International®. To learn more, visit www.diamondresorts.com.
Media:Diamond Resorts International®Stevi WaraTel:
1.702.823.7069Fax: 1.702.684.8705media@diamondresorts.comorInvestors:Sloane &
CompanyJosh HochbergTel: 1.212.486.9500Fax:
1.212.486.9094jhochberg@sloanepr.comorDan ZaccheiTel:
1.212.446.1882Fax: 1.212.486.9094dzacchei@sloanepr.com
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