Diamond Resorts, Amplify Snack Brands complete credit facility transactions

By Sara Rosenberg

New York, Sept. 2 – Diamond Resorts International Inc. announced the conclusion of its buyout for which it obtained an $800 million credit facility, and Amplify Snack Brands Inc. reported that it closed on its acquisition financing $650 million credit facility.

The buyout its buyout by Apollo Global Management LLC, Diamond Resorts got a new senior secured credit facility that consists of a $100 million five-year revolver and a $700 million seven-year covenant-light term loan B.

Pricing on the term loan B is Libor plus 600 basis points with a 1% Libor floor, and it was sold at an original issue discount of 97.5. The debt has 101 soft call protection for one year.

The revolver is priced at Libor plus 600 bps.

Barclays, RBC Capital Markets LLC, Jefferies Finance LLC and Natixis led Diamond Resorts’ credit facility.

Amplify Snack Brands closed on its $650 million senior secured credit facility (B2/B) that includes a $50 million five-year revolver and a $600 million seven-year covenant-light term loan, a news release said.

Pricing on the term loan is Libor plus 550 bps with a 1% Libor floor, and it was sold at an original issue discount of 99. The debt has 101 soft call protection for one year.

Revolver pricing is Libor plus 550 bps.

Jefferies Finance LLC, Credit Suisse Securities (USA) LLC and Goldman Sachs Bank USA led the deal.

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