Hard Rock Hotel tenders for 9 ¼% '05 notes

Hard Rock Hotel, Inc. (Caa1) said Thursday (May 1) that it has begun a cash tender offer for its $120 million outstanding principal amount of 9¼% senior subordinated notes due 2005 and a related solicitation of noteholder consents to proposed indenture changes.

The Las Vegas-based hotel and casino operator said that the tender offer is scheduled to expire at 12 midnight ET on May 29, and set a consent deadline of 12 midnight ET on May 14, with both deadlines subject to possible extension.

It said that holders who tender their notes and deliver consents by the consent deadline will receive total consideration of 102.563% of the principal amount of notes validly tendered (i.e. $1,025.63 per $1,000 principal amount), while holders who tender after the consent deadline but before the expiration will receive the tender offer consideration of 100% of the principal amount, but will not receive the consent payment, equal to 2.563% of the principal amount (i.e. $25.63 per $1,000 principal amount) . All tendering noteholders will additionally receive accrued and unpaid interest up to, but not including, the payment date.

The tender offer is subject to the satisfaction of certain conditions, including the company's receipt of valid tenders for a majority of the outstanding notes and its receipt of debt financing sufficient to consummate the offer on acceptable terms.

Banc of America Securities LLC is the exclusive dealer manager for the tender offer (call High Yield Special Products toll-free at 888 292-0070 or collect at 704 388-4813). Georgeson Shareholder Communications Inc. is the information agent (call 866 216-0461). U.S. Bank Trust NA is the depositary for the offer.

Elizabeth Arden buys back $5.5 million notes

Elizabeth Arden, Inc. said it bought back $5.5 million of its 10 3/8% senior notes in the open market in January, with the transaction settling in February.

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