French Lick gets tenders for $127.86 million of 10¾% mortgage notes

By Laura Lutz

Des Moines, April 28 - French Lick Resorts & Casino, LLC and French Lick Resorts & Casino Corp. said they received tenders for $127.86 million principal amount of their 10¾% first mortgage notes due 2014.

The tender offer was for up to $150 million of the notes, which represented 56% of the principal amount outstanding.

The companies' tender offer for the notes expired at midnight ET on Friday. All of the tenders were submitted before the early tender deadline, 5 p.m. ET on April 11.

All of the tendered notes were accepted. Holders will receive $800 per $1,000 principal amount of tendered notes, including a $20 per $1,000 principal amount early tender premium.

The offer was a modified Dutch auction tender offer. The French Lick, Ind.-based casino operator originally said it would accept offers to sell at prices between $730 and $780 per $1,000 principal amount, plus accrued interest.

J.P. Morgan Securities Inc. was the dealer manager (212 270-1477, attention: Michael Rutherford). MacKenzie Partners, Inc. was the information agent (call collect 212 929-5500 or 800 322-2885).

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