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Isle of Capri holders deliver consents for $338.22 million of 7% notes
By Susanna Moon
Chicago, Aug. 7 - Isle of Capri Casinos, Inc. said it received consents for $338,218,000 of its $357,275,000 of outstanding 7% senior subordinated notes due 2014, which was enough to amend the notes.
The company solicited consents to amend the notes to eliminate most of the restrictive covenants and events of default.
After receiving the needed consents, the company executed a supplemental indenture.
The consent solicitation expired at 5 p.m. ET on Aug. 6, and the company purchased all of the early tendered notes on Aug. 7, according to a press release.
Funding for the early purchase came from the company's $350 million of 8 7/8% eight-year senior subordinated notes, which priced at par on July 24.
As previously noted, the total purchase price was $1,003, including a $20.00 consent fee, per $1,000 principal amount of notes tendered by the consent expiration.
The tender offer will continue until 12:01 a.m. ET on Aug. 21.
Holders who tender after the early deadline will receive $983 per $1,000 principal amount.
Final settlement is slated for Aug. 22. The offer began on July 24.
The company will also pay accrued interest up to but excluding the settlement date.
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 securing enough funds.
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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