American Casino holders tender 69.07% of 11% notes by early deadline

By Susanna Moon

Chicago, June 21 - American Casino & Entertainment Properties LLC said investors had tendered $233,116,000, or 69.07%, of its $337.5 million outstanding 11% senior secured notes due 2014 jointly issued with ACEP Finance Corp. by 5 p.m. ET on June 20, the early tender date.

Settlement has been pushed back to July 5, as noted on June 19, and holders may continue to tender notes until the end of the offer at 11:59 p.m. ET on July 5.

Tendered notes may no longer be withdrawn, as of the early tender date.

The company is offering $1,005 per $1,000 principal amount of notes, as noted before. The total payment includes a $30 early tender premium for each note tendered by the early tender deadline.

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

The tender offer is conditioned on completion of financing.

The company released price talk June 12 on its $215 million seven-year first-lien term loan and $120 million 71/2-year second-lien term loan, as reported by Prospect News.

If not all notes are tendered, the company may exercise its right to satisfy and discharge the indenture governing the notes as promptly as practicable after the early tender date, according to a previous press release.

The dealer managers are Goldman Sachs & Co. (800 828-3182 or 212 357-0345) and Deutsche Bank Securities Inc. (855 287-1922 or 212 250-7527). The depositary and information agent is Global Bondholder Services Corp. (866 873-7700 or 212 430-3774).

The Las Vegas-based gaming and entertainment properties owner and operator began the offer on June 7.

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