0001193125-15-102872.txt : 20150324 0001193125-15-102872.hdr.sgml : 20150324 20150324122534 ACCESSION NUMBER: 0001193125-15-102872 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20150324 DATE AS OF CHANGE: 20150324 GROUP MEMBERS: CHANTAL CLOOBECK SEPARATE PROPERTY TRUST GROUP MEMBERS: CLOOBECK DIAMOND PARENT, LLC SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Diamond Resorts International, Inc. CENTRAL INDEX KEY: 0001566897 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 461750895 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-87563 FILM NUMBER: 15721005 BUSINESS ADDRESS: STREET 1: 10600 WEST CHARLESTON BOULEVARD CITY: LAS VEGAS STATE: NV ZIP: 89135 BUSINESS PHONE: (702) 798-8840 MAIL ADDRESS: STREET 1: 10600 WEST CHARLESTON BOULEVARD CITY: LAS VEGAS STATE: NV ZIP: 89135 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Cloobeck Stephen J CENTRAL INDEX KEY: 0001581547 FILING VALUES: FORM TYPE: SC 13D/A MAIL ADDRESS: STREET 1: 10600 WEST CHARLESTON BOULEVARD CITY: LAS VEGAS STATE: NV ZIP: 89135 SC 13D/A 1 d896498dsc13da.htm SC 13D/A SC 13D/A

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D/A

Under the Securities Exchange Act of 1934

(Amendment No. 8)*

 

 

Diamond Resorts International, Inc.

(Name of Issuer)

Common Stock, par value $0.01

(Title of Class of Securities)

25272T 104

(CUSIP Number)

Stephen J. Cloobeck

10600 West Charleston Boulevard

Las Vegas, NV 89135

(702) 684-8000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

March 20, 2015

(Date of Event Which Requires Filing of This Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D/A, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box  ¨.

 

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.

 

 

 

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be ‘filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 


CUSIP No. 25272T104

 

   1  

Names of reporting persons

 

Cloobeck Diamond Parent, LLC

   2 

Check the appropriate box if a member of a group

(a)  x        (b)  ¨

 

   3

SEC use only

 

   4

Source of funds

 

OO

   5

Check box if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

 

¨

   6

Citizenship or place of organization

 

Nevada

Number of

shares

beneficially 

owned by

each

reporting

person

with

 

   7  

Sole voting power

 

10,522,446

   8

Shared voting power

 

0

   9

Sole dispositive power

 

10,522,446

 10

Shared dispositive power

 

0

 11 

Aggregate amount beneficially owned by each reporting person

 

10,522,446

 12 

Check box if the aggregate amount in Row (11) excludes certain shares

 

¨

 13 

Percent of class represented by amount in Row (11)

 

14.34% (1)

 14 

Type of reporting person

 

OO

 

(1) Based on 73,393,556 outstanding shares of common stock of the Issuer as of March 10, 2015 after giving effect to the repurchase of shares described in the Issuer’s prospectus supplement dated March 5, 2015.

 

2


CUSIP No. 25272T104

 

   1  

Names of reporting persons

 

The Chantal Cloobeck Separate Property Trust

   2 

Check the appropriate box if a member of a group

(a)  x        (b)  ¨

 

   3

SEC use only

 

   4

Source of funds

 

OO

   5

Check box if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

 

¨

   6

Citizenship or place of organization

 

Nevada

Number of

shares

beneficially 

owned by

each

reporting

person

with

 

   7  

Sole voting power

 

1,073,949

   8

Shared voting power

 

0

   9

Sole dispositive power

 

1,073,949

 10

Shared dispositive power

 

0

 11 

Aggregate amount beneficially owned by each reporting person

 

1,073,949

 12 

Check box if the aggregate amount in Row (11) excludes certain shares

 

¨

 13 

Percent of class represented by amount in Row (11)

 

1.46% (2)

 14 

Type of reporting person

 

OO

 

(2) Based on 73,393,556 outstanding shares of common stock of the Issuer as of March 10, 2015 after giving effect to the repurchase of shares described in the Issuer’s prospectus supplement dated March 5, 2015.

 

3


CUSIP No. 25272T104

 

   1  

Names of reporting persons

 

Stephen J. Cloobeck

   2

Check the appropriate box if a member of a group

(a)  x        (b)  ¨

 

   3

SEC use only

 

   4

Source of funds

 

OO

   5

Check box if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

 

¨

   6

Citizenship or place of organization

 

United States

Number of

shares

beneficially

owned by

each

reporting

person

with

 

   7  

Sole voting power

 

10,637,152 (3)

   8

Shared voting power

 

6,041,250 (4)

   9

Sole dispositive power

 

10,637,152 (3)

 10

Shared dispositive power

 

6,041,250 (4)

 11 

Aggregate amount beneficially owned by each reporting person

 

16,678,402 (3)(4)

 12 

Check box if the aggregate amount in Row (11) excludes certain shares

 

¨

 13 

Percent of class represented by amount in Row (11)

 

22.72% (5)

 14 

Type of reporting person

 

IN

 

(3) Includes (i) 114,706 shares of common stock issuable upon exercise of an option held by Mr. Cloobeck which is currently vested and (ii) an aggregate of 10,522,446 shares of common stock held by Cloobeck Diamond Parent, LLC, of which Mr. Cloobeck is the sole manager.

 

4


(4) Includes 4,535,426 shares of common stock issuable upon exercise of a fully-exercisable call option from DRP Holdco, LLC and 431,875 shares of common stock issuable upon exercise of a fully-exercisable call option from Silver Rock Financial LLC and other entities affiliated therewith; each such call option is held by 1818 Partners, LLC. Mr. Cloobeck is the sole manager of Cloobeck Companies, LLC, a managing member of 1818 Partners, LLC. Also includes 1,073,949 shares of common stock held by The Chantal Cloobeck Separate Property Trust, of which Mr. Cloobeck is the co-managing trustee.
(5) Based on 73,393,556 outstanding shares of common stock of the Issuer as of March 10, 2015 after giving effect to the repurchase of shares described in the Issuer’s prospectus supplement dated March 5, 2015.

 

5


CUSIP No. 25272T104

This Amendment No. 8 to Schedule 13D (“Amendment No. 8”) relates to the common stock, par value $0.01 per share (the “Common Stock”), of Diamond Resorts International, Inc. (the “Issuer”), and amends the Schedule 13D filed by Cloobeck Diamond Parent, LLC (“CDP”), The Chantal Cloobeck Separate Property Trust and Stephen J. Cloobeck (collectively, the “Reporting Persons”) with the Securities and Exchange Commission (the “SEC”) on August 5, 2013, as amended by Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No. 5, Amendment No. 6 and Amendment No. 7 to such Schedule 13D filed on April 14, 2014, June 13, 2014, August 18, 2014, October 3, 2014, November 3, 2014, March 4, 2015 and March 10, 2015 respectively (as so amended, the “Schedule 13D”).

This Amendment No. 8 is being filed by the Reporting Persons to furnish the additional information set forth herein. Except as specifically provided herein, this Amendment No. 8 does not modify any of the information previously reported in the Schedule 13D. Capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed to them in the Schedule 13D.

Item 5. Interest in Securities of the Issuer.

Items 5(a), (b) and (c) of the Schedule 13D are hereby amended and restated as follows:

(a) The Reporting Persons may be deemed to beneficially own, in the aggregate, 16,678,402 shares of Common Stock, representing approximately 22.72% of the Issuer’s outstanding Common Stock (based on 73,393,556 shares of Common Stock outstanding).

(b) Mr. Cloobeck has sole voting power and sole dispositive power with regard to (i) 114,706 shares of Common Stock underlying options held by him and (ii) 10,522,446 shares of Common Stock held by CDP, of which Mr. Cloobeck is the sole manager. Mr. Cloobeck has shared voting power and shared dispositive power with regard to (A) 4,967,301 shares of Common Stock underlying the Call Options held by 1818 Partners, as the sole manager of Cloobeck Companies, LLC, which is one of the managing members of 1818 Partners, and (B) 1,073,949 shares of Common Stock held by CCSPT, of which he is the co-managing trustee. CDP has sole voting power and sole dispositive power with regard to 10,522,446 shares of Common Stock held by it. CCSPT has sole voting power and sole dispositive power with regard to 1,073,949 shares of Common Stock held by it.

The share ownership reported for the Reporting Persons does not include any shares of Common Stock owned by the other parties to the Amended Stockholders Agreement, except to the extent disclosed in this Schedule 13D. Each Reporting Person is deemed to be a member of a “group” for purposes of the Exchange Act with the other parties to the Amended Stockholders Agreement. Each Reporting Person disclaims beneficial ownership of any shares of Common Stock owned by the other parties to the Amended Stockholders Agreement, except to the extent disclosed in this Schedule 13D.

 

6


After giving effect to the foregoing sales by CDP and other sales of Common Stock made pursuant to the Underwriting Agreement (defined below) by other persons, the Amended Stockholders Agreement covers, as of March 20, 2015, an aggregate of 26,956,350 outstanding shares of Common Stock, representing approximately 36.73% of the outstanding Common Stock (based on 73,393,556 shares of Common Stock outstanding as of March 10, 2015, after giving effect to the repurchase of shares described in the Issuer’s prospectus supplement dated March 5, 2015, and filed with the SEC).

(c) On March 20, 2015, pursuant to an Underwriting Agreement dated March 4, 2015 (the “Underwriting Agreement”) by and among the Issuer, CDP, Best Amigos Partners, LLC, DRP Holdco, LLC and Credit Suisse Securities LLC, as representative of the several underwriters, the underwriters purchased 571,187 shares of Common Stock from CDP for $32.99 per share. A copy of the Underwriting Agreement was filed as an exhibit to Amendment No. 7.

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

Item 6 of the Schedule 13D is hereby amended by adding the following:

On March 20, 2015 CDP used a portion of the proceeds it received from the sale of Common Stock to repay amounts owing under its $25 million revolving loan facility. Thereafter, the revolving loan facility was terminated and the 7,350,000 shares of Common Stock held as collateral under such facility were returned to CDP.

 

7


CUSIP No. 25272T104

SIGNATURE

After reasonable inquiry and to the best knowledge and belief of the undersigned, the undersigned certify that the information set forth in this statement is true, complete and correct.

Dated: March 23, 2015

 

CLOOBECK DIAMOND PARENT, LLC
/s/ Stephen J. Cloobeck

Stephen J. Cloobeck

Manager

 

THE CHANTAL CLOOBECK SEPARATE

PROPERTY TRUST

/s/ Stephen J. Cloobeck

Stephen J. Cloobeck

Co-Managing Trustee

/s/ Stephen J. Cloobeck

Stephen J. Cloobeck

 

8