July 12, 2014 6:38 AM ET

Hotels, Restaurants and Leisure

Company Overview of Diamond Resorts Corporation

Company Overview

Diamond Resorts Corporation owns and manages a network of resorts in the Caribbean, Europe, and North America. Diamond Resorts Corporation 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 North Las Vegas, Nevada. As of April 25, 2007, Diamond Resorts Corporation operates as a subsidiary of Diamond Resorts Holdings, LLC.

3865 West Cheyenne Avenue

North Las Vegas, NV 89032

United States

Founded in 1996

Phone:

702-804-8600

Fax:

407-532-1075

Key Executives for Diamond Resorts Corporation

Chief Executive Officer
Age: 52
Co-Founder of Sunterra Europe
Age: 50
Chief Financial Officer and Executive Vice President
Age: 54
Chief Operating Officer
Chief Administrative Officer and Executive Vice President
Age: 58
Compensation as of Fiscal Year 2014.

Diamond Resorts Corporation Key Developments

Diamond Resorts Corporation Announces Completion of Redemption of 12.00% Senior Secured Notes Due 2018

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

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.

Diamond Resorts Corporation Announces the Completion of Cash Tender Offer for 12.0% Senior Secured Notes Due 2018

Diamond Resorts Corporation (DRC) announced that it has accepted for purchase its 12.0% senior secured notes due 2018 in an aggregate principal amount of $50,560,000 that were validly tendered and not validly withdrawn pursuant to its previously announced cash tender offer for the Notes. DRC was required to make the tender offer under the indenture governing the Notes, as a result of the consummation on July 24, 2013 of the company's initial public offering of common stock. The tender offer was made pursuant to an offer to purchase, dated July 26, 2013, which was distributed to holders of the notes. The tender offer expired on August 22, 2013. The total consideration paid by DRC for Notes accepted for purchase was $1,120 per $1,000 principal amount of notes, plus accrued and unpaid interest to the date of purchase. As of the Expiration Time, $99,297,000 in aggregate principal amount of the outstanding Notes had been validly tendered and not validly withdrawn. On August 23, 2013, because the Tender Offer was oversubscribed, DRC accepted for purchase an aggregate principal amount of $50,560,000 of Notes on a prorated basis in the manner described in the Offer to Purchase, which represents the aggregate principal amount of notes that can be purchased by DRC for the aggregate amount of tender offer consideration which, together with the accrued interest, equals $56,797,854, and paid such aggregate amount of tender offer consideration and accrued interest for the aggregate principal amount of Notes accepted for purchase. notes in an aggregate principal amount of $374,440,000 remain outstanding following the completion of the tender offer.

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