Isle of Capri tenders for $140 million 7% notes

By Susanna Moon

Chicago, Jan. 13 - Isle of Capri Casinos, Inc. said it began a tender offer for up to $140 million principal amount of its $500 million 7% senior subordinated notes due 2014.

Isle of Capri is offering to purchase a portion of the outstanding notes for $580 per $1,000 principal amount, which includes an early tender premium of $30 per note for holders who tender their notes by 5 p.m. ET on Jan. 27.

The company said it will pay accrued interest to the settlement date.

The tender offer will expire at 12:01 a.m. ET on Feb. 11. Settlement is expected to occur by Feb. 13.

If the amount of notes tendered exceeds $140 million, Isle of Capri said it will accept notes for purchase on a pro rata basis.

Credit Suisse Securities (USA) LLC (800 820-1653 or collect 212 325-4951, attn: liability management desk) is dealer manager, and D.F. King & Co., Inc. (800 431-9643 or collect 212 269-5550) is tender agent and information agent.

Isle of Capri, based in Biloxi, Miss., develops, owns and operates casinos.

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