Seneca Gaming begins tender offer, consent solicitation for 7¼% notes

By Angela McDaniels

Tacoma, Wash., Nov. 3 - Seneca Gaming Corp. began a tender offer and consent solicitation for its $500 million of 7¼% senior notes due 2012, according to a company news release.

The company is soliciting consents to amend the note indenture to eliminate or make less restrictive most of the restrictive covenants and some related events of default. Holders may not tender their notes without delivering consents and vice versa.

Holders will receive $1,002.50 for each $1,000 principal amount of notes tendered. This includes a consent payment of $30.00 for each note tendered by 5 p.m. ET on Nov. 17, the consent payment deadline.

The company will also pay accrued interest up to but excluding the payment date.

The tender offer will expire at 8 a.m. ET on Dec. 3.

Prior to the expiration of the tender offer, the company may choose to accept and pay for notes tendered once the offer conditions have been met. Seneca Gaming expects that it will accept the notes tendered by the consent payment deadline and pay for them on Nov. 18.

The tender offer is conditioned on the receipt of tenders for at least a majority of the notes, the execution of the supplemental indenture containing the amendments and the receipt by the company of proceeds from one or more new debt financings.

The dealer manager is Bank of America Merrill Lynch (888 292-0070 or 980 388-9217). The information agent is D.F. King & Co., Inc. (800-207-3158 or 212-269-5550).

Seneca Gaming is based in Niagara Falls, N.Y., and operates the Seneca Nation of Indians' gaming operations.

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