Diamond Resorts Files Plans for $200 Million IPO
BREAKING: LAS VEGAS, NV (June 14, 2013) — Diamond Resorts International (DRI) today filed with the SEC to raise up to $200 million in an initial public offering. The company plans to list on the NYSE under the symbol DRII.
DRI initially filed confidentially on January 24, 2013; today’s filing makes the company’s intentions public.
The number of shares to be offered and the price range for the offering have not yet been determined. According to the filing a portion of the shares will be issued and sold by DRI, and a portion will be sold by certain shareholders. DRI plans to use the net proceeds for working capital, debt repayment and for expansion into new geographic markets.
Credit Suisse, BofA Merrill Lynch, J.P. Morgan and Guggenheim Securities are the joint underwriters on the deal and Cantor Fitzgerald & Co. will be acting as co-manager.
The amount of money DRI says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
Diamond Resorts International®, with its network of more than 300 vacation destinations located in 33 countries throughout the continental United States, Hawaii, Canada, Mexico, the Caribbean, South America, Central America, Europe, Asia, Australia and Africa, provides members, owners and guests with choices and flexibility as they design their dream vacation, whether they’re traveling an hour away or around the world. Our hassle-free, relaxing vacations give guests a truly memorable experience every time, for a lifetime. For more information on Diamond Resorts International®, visit: DiamondResorts.com.
by Insidethegate.com staff writer