LAS VEGAS--(BUSINESS WIRE)--Diamond Resorts International, Inc. (NYSE:DRII) announced today the commencement of a secondary public offering of 4,833,000 shares of its common stock on behalf of certain selling stockholders pursuant to a registration statement that Diamond filed with the Securities and Exchange Commission. Each of the selling stockholders made their investment in Diamond prior to the company’s 2013 initial public offering. The selling stockholders do not include any Diamond executives. The underwriter will have a 30-day option to purchase 724,950 additional shares of common stock from the selling stockholders to cover over-allotments. Diamond will not sell any stock in the offering and will not receive any proceeds from the offering.
Diamond intends to purchase from the underwriter up to $50 million of the shares of common stock that are subject to the offering. The price that Diamond will pay for each share repurchased will be the same as the price per share that the underwriter will pay for shares in the offering.
Credit Suisse is acting as sole underwriter of the offering.
The offering will be made only by means of a prospectus and accompanying prospectus supplement related to the offering. Copies of such prospectus and prospectus supplement may be obtained, when available, from the offices of Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, New York 10010, or by telephone at +1 (800) 221-1037, or by email at firstname.lastname@example.org.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Diamond Resorts International®
Diamond Resorts International® (NYSE: DRII), with its network of more than 330 vacation destinations located in 34 countries throughout the continental United States, Hawaii, Canada, Mexico, the Caribbean, South America, Central America, Europe, Asia, Australasia and Africa, provides guests with choice and flexibility to let them create their dream vacation, whether they are traveling an hour away or around the world. Our relaxing vacations have the power to give guests an increased sense of happiness and satisfaction in their lives, while feeling healthier and more fulfilled in their relationships, by enjoying memorable and meaningful experiences that let them Stay Vacationed.™
Diamond Resorts International® manages vacation ownership resorts and sells vacation ownership points that provide members and owners with Vacations for Life® at over 330 managed and affiliated properties and cruise itineraries.