Full House to refinance first- and second-lien debt for planned buyout

By Susanna Moon

Chicago, Sept. 28 – Full House Resorts, Inc.’s wholly owned subsidiary, FHR-Colorado LLC, plans to refinance its first- and second-lien debt to fund a planned acquisition, according to an 8-K filed with the Securities and Exchange Commission.

Full House said it plans to finance the acquisition concurrently with the debt refinancing, with closing expected in late 2015 or early 2016.

The transaction is not subject to a financing or due diligence condition, but the company said it has performed substantial due diligence over the past several months.

The company said it entered into an asset purchase agreement on Sept. 27 with Pioneer Group, Inc. to acquire the operating assets and assume certain liabilities of Bronco Billy’s Casino and Hotel in Cripple Creek, Colo., for a purchase price of $30 million.

The purchase price is subject to reduction to $28.5 million if Bronco Billy’s Adjusted EBITDA for the applicable period is less than $4.7 million. The purchase price is also subject to working capital and other customary adjustments.

Full House is a Las Vegas-based owner, developer and manager of gaming facilities.

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