Diamond Resorts International Closes $150 Million Incremental Term Loan Under Its Senior Secured Credit Facility

LAS VEGAS--(BUSINESS WIRE)--Diamond Resorts International, Inc. (NYSE:DRII) announced today the completion of the Second Amendment and First Incremental Assumption Agreement (the “Second Amendment”) to the Company’s existing Credit Agreement. The Second Amendment provides for a $150 million incremental term loan made as part of the Company’s senior secured credit facility, which had an outstanding balance of approximately $425 million prior to the incremental term loan facility. The Company received approximately $144 million in proceeds on the closing which was issued with 2.0% original issue discount and bears the same maturity date of May 9, 2021, and interest rate as the term loans in the existing senior secured credit facility. That interest rate, at Diamond Resorts’ option, is LIBOR plus 450 basis points, with a one percent floor, or an alternate base rate plus 350 basis points.