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 persons 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 Issuers prospectus supplement dated March 5, 2015. |
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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 Issuers prospectus supplement dated March 5, 2015. |
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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. |
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(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 Issuers prospectus supplement dated March 5, 2015. |
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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 Issuers 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.
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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 Issuers 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.
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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 |
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