Diamond Resorts files plans for IPO
LAS VEGAS (AP) — Diamond Resorts International Inc. filed paperwork Friday for an initial public offering of its stock.
The timeshare company, based in Las Vegas, has not determined the number of shares to be offered or the price range for the offering. The company said that a portion of the shares will be issued and sold by the company, and a portion will be sold by certain shareholders.
Diamond said in a filing with the SEC that it plans to use the proceeds to purchase senior secured notes and repay loans.
The company, which has a worldwide network of 295 vacation destinations in 32 countries, earned $13.6 million in its most recent fiscal year on revenue of $523.7 million.
Diamond plans to trade its stock on the New York Stock Exchange under the symbol "DRII."
Credit Suisse, BofA Merrill Lynch, J.P. Morgan and Guggenheim Securities will be acting as joint book-running managers, and Cantor Fitzgerald & Co. will be acting as co-manager.