Kerzner tenders for any and all 8 7/8% notes due 2011

By Jennifer Chiou

New York, Sept. 12 - Kerzner International Ltd. and wholly owned subsidiary Kerzner International North America, Inc. announced the start of a cash tender offer for any and all of their outstanding 8 7/8% senior subordinated notes due 2011.

The offer will expire at 12:01 a.m. ET on Oct. 8, unless extended.

The companies are also soliciting consents to proposed amendments to the notes' indenture to eliminate all restrictive covenants and events of default.

The consent deadline is 5 p.m. ET on Sept. 21.

For each $1,000 principal amount of notes, Kerzner said it will pay $1,082.83, including a consent payment of $22.25 for those who tender before the consent deadline, plus accrued interest.

The tender offer is conditioned upon sufficient financing, a consent under the company's existing revolving credit facility and the receipt of tenders from a majority of noteholders.

MacKenzie Partners, Inc. is the tabulation agent and information agent (800 322-2885 or call collect 212 929-5500).

Deutsche Bank Securities Inc. is the dealer manager and solicitation agent (800 553-2826).

Based in Paradise Island, The Bahamas, Kerzner develops and operates luxury resort hotels and gaming properties.

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