Downstream Development extends consent bid for 10½% notes by one week

By Marisa Wong

Los Angeles, Aug. 21 – Downstream Development Authority of the Quapaw Tribe of Oklahoma said it is extending the expiration time for its previously announced consent solicitation to 5 p.m. ET on Aug. 27.

As announced on Aug. 8, the issuer is soliciting consents from holders of its $270 million of outstanding 10½% senior secured notes due 2023 to approve amendments to the indenture relating to the notes.

The consent solicitation was originally set to expire at 5 p.m. ET on Aug. 14 and later extended to 5 p.m. ET on Aug. 20.

The amendments would allow Downstream to designate subsidiary Saracen Development, LLC as an unrestricted subsidiary under the indenture and thereby permit Saracen to raise capital in one or more capital market transactions or through borrowings.

Adoption of the proposed amendments requires the consent of holders of a majority of the outstanding aggregate principal amount of the notes.

Downstream expects the amendments to become effective promptly after the receipt of the required consents.

Consents may be revoked until but not after the effective time.

Downstream is offering to pay holders who deliver their consent a cash payment of $10 per $1,000 note.

Holders of record as of 5 p.m. ET on Aug. 6 are entitled to deliver consents.

Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147) is the solicitation agent, and D.F. King & Co., Inc. (212 269-5550 for banks and brokers, 800 290-6424 for all others or quapaw@dfking.com) is the information agent and tabulation agent for the consent solicitation.

The issuer is a Quapaw, Okla.-based gaming concern that owns and operates a casino-resort at the three-corners border area of Oklahoma, Missouri and Kansas.

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