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Diamond Resorts offers to purchase some term loans in tender offer
Chicago, July 15 – Diamond Resorts International Inc. began a tender offer for its $869 million term loan B due 2023, according to a market source and a press release.
The term loan bears interest at Libor plus 375 basis points.
The tender offer for the term loan is running concurrently with any and all offers to purchase the company’s 7¾% senior secured notes due 2023.
The company will purchase a maximum of $450 million of the loan minus the amount the company repurchases of the notes.
The tender consideration for the loan is $930 per $1,000 principal amount plus accrued interest.
RBC Capital Markets Corp. (877 381-2099, 212 618-7843) is the dealer manager for the offer.
D.F. King & Co. Ltd. (212 269-5550, 877 783-5524, diamondresorts@dfking.com) is the tender agent.
Diamond Resorts is a Las Vegas-based hospitality and vacation ownership company.
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