Hotels, Restaurants and Leisure
Company Overview of Diamond Resorts Corporation
Diamond Resorts Corporation, doing business as Diamond Resorts International, owns and manages a network of resorts in the Caribbean, Europe, and North America. The company was formerly known as Sunterra Corporation and changed its name to Diamond Resorts Corporation in October 2007. The company was founded in 1996 and is based in Las Vegas, Nevada. As of April 25, 2007, Diamond Resorts Corporation operates as a subsidiary of Diamond Resorts Holdings, LLC.
10600 West Charleston Boulevard
Las Vegas, NV 89135
Founded in 1996
Key Executives for Diamond Resorts Corporation
Chief Executive Officer, President, and Manager
Co-Founder of Sunterra Europe
Chief Financial Officer and Executive Vice President
Interim Chief Operating Officer
Compensation as of Fiscal Year 2014.
Diamond Resorts Corporation Key Developments
Diamond Resorts International, Inc. and Diamond Resorts Corporation Enters into First Amendment to the Credit Agreement with Credit Suisse AG
Dec 30 14
On December 22, 2014, Diamond Resorts International, Inc. and Diamond Resorts Corporation has entered into a first amendment to the credit agreement with Credit Suisse AG, as administrative agent and collateral agent, and lenders comprising at least 50% of the sum of all loans outstanding and unused credit commitments under the credit agreement, dated as of May 9, 2014. The first amendment allows the company to make restricted payments of at least $75,000,000 (including purchases under the company’s previously announced stock repurchase program) by increasing the company’s restricted payments allowance by $50,000,000 from and after December 22, 2014, through the earlier of the day that is 100 days after December 31, 2014 and the date as of which the company’s portion of excess cash flow that could be utilized for restricted payments by the company would be finally determined by the company’s audited financial statements for the year ending December 31, 2014 in accordance with the credit agreement.
Diamond Resorts Corporation Announces Completion of Redemption of 12.00% Senior Secured Notes Due 2018
Jun 9 14
Diamond Resorts International Inc. and its indirect wholly-owned subsidiary, Diamond Resorts Corporation announced the completion of the previously announced redemption of DRC's 12.00% Senior Secured Notes due 2018. Pursuant to a previously issued redemption notice, on June 9, 2014, DRC redeemed the entire $374,440,000 outstanding principal amount of the Senior Secured Notes at a redemption price equal to approximately 108.077% of the principal amount of the Senior Secured Notes being redeemed (or $1,080.77 per $1,000 in principal amount of the Senior Secured Notes), or approximately $419 million in total, including approximately $14 million of accrued and unpaid interest up to but excluding the Redemption Date. As previously announced, the Company and DRC entered into a $470 million senior secured credit facility with Credit Suisse AG, as administrative agent and collateral agent. The Company funded the approximately $419 million redemption amount for the Senior Secured Notes with the proceeds of the term loan portion of the New Credit Facility. The Senior Secured Notes will no longer be outstanding after the Redemption Date, and other than the rights of noteholders to receive payment of the redemption amount of the Senior Secured Notes, all rights with respect to the Senior Secured Notes will cease to accrue on the Redemption Date.
Diamond Resorts International Announces the Closing of $25,000,000 Revolving Credit Facility
Sep 13 13
Diamond Resorts International Inc. announced that Diamond Resorts Corporation, an indirect wholly-owned subsidiary of Diamond Resorts International, closed a senior secured revolving credit facility on September 11, 2013, with Credit Suisse AG as administrative agent. The credit facility has a maturity date of September 11, 2017 and provides for funds to be borrowed at an adjusted base rate or LIBOR rate, with up to a maximum of $25,000,000 outstanding at any time. Obligations under the credit facility are secured on a pari passu basis by the same collateral securing Diamond Resort Corporation's 12% Senior Secured Notes due 2018.
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