Isle of Capri begins tender offer, consent solicitation for 7% notes

By Angela McDaniels

Tacoma, Wash., July 24 - Isle of Capri Casinos, Inc. began a tender offer for its $357,275,000 of outstanding 7% senior subordinated notes due 2014, according to a company news release.

The company is also soliciting consents from the noteholders to eliminate most of the restrictive covenants and events of default in the indenture governing the notes.

The tender offer and consent solicitation will expire at 12:01 a.m. ET on Aug. 21.

Holders will receive $1,003 per $1,000 principal amount of notes. This includes a consent payment of $20 for each note tendered by 5 p.m. ET on Aug. 6, the consent expiration time.

The company will also pay accrued interest up to but excluding the applicable settlement date. The initial settlement date, which will be for notes tendered by the consent expiration time, is expected to be Aug. 7. The final settlement date is expected to be Aug. 22.

The company plans to redeem any notes that remain outstanding after the completion of the tender offer.

The tender offer is conditioned on the company having enough funds. It plans to fund the offer with the proceeds of one or more debt financing transactions, including the proposed issuance of $350 million of senior subordinated notes.

The dealer manager and solicitation agent is Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147). The tender agent and information agent is D. F. King & Co., Inc. (800 431-9643 or, for banks and brokers, 212 269-5550).

Isle of Capri Casinos is a gaming and entertainment company based in St. Louis.

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