Diamond Resorts launches $445 million term loan at Libor plus 450 bps

By Sara Rosenberg

New York, April 10 - Diamond Resorts Corp. launched on Thursday its $445 million seven-year first-lien covenant-light term loan with price talk of Libor plus 450 basis points with a 1% Libor floor and an original issue discount of 991/2, according to a market source.

Included in the term loan is 101 soft call protection for one year.

The company's $470 million credit facility (B) also provides for a $25 million revolver.

Commitments are due on April 24.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Proceeds will be used to refinance the $374.4 million outstanding under the company's 12% senior secured notes due 2018, any outstanding revolver borrowings and other debt and for corporate purposes.

Diamond Resorts is a Las Vegas-based hospitality and vacation ownership company.

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