Diamond Resorts redeems all $374.44 million 12% notes at 108.077

By Marisa Wong

Madison, Wis., June 10 – Diamond Resorts International, Inc. indirect wholly owned subsidiary Diamond Resorts Corp. said it redeemed its $374.44 million of outstanding 12% senior secured notes due 2018 in full on June 9.

The notes were redeemed at a price of 108.077, or about $419 million in total including $14 million of accrued interest up to but excluding the redemption date.

As previously announced, the company entered into a $470 million senior secured credit facility with Credit Suisse AG as administrative agent. The company funded the notes redemption using proceeds of the term loan portion of the new credit facility.

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

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