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Isle of Capri accepts $237.83 million tendered 7¾% notes, calls rest
By Marisa Wong
Madison, Wis., April 14 – Isle of Capri Casinos, Inc. announced that holders had tendered a total of $237,832,000 of its $300 million 7¾% senior notes due 2019 as of 5 p.m. ET on April 13, the expiration of its previously announced cash tender offer.
The $237.83 million of tendered notes excludes $455,000 of notes that remain subject to guaranteed delivery procedures.
The company has accepted for purchase all of the tendered notes, according to a press release.
The company will pay $1,043.00 per $1,000 principal amount of notes plus accrued interest up to but excluding the settlement date of April 14. The tendered notes accepted for purchase that are subject to guaranteed delivery procedures will be settled on April 16.
The tender was subject to conditions including completion of a debt financing. Isle of Capri had announced a $150 million offering of 5 7/8% notes on April 7.
The company said it will redeem all of the notes that remain outstanding after the tender. The redemption is set for May 14. The remaining notes will be redeemed at 103.875 plus accrued interest to the redemption date.
Wells Fargo Securities, LLC at (866 309-6316 or 704 410-4760) is the dealer manager. D. F. King & Co., Inc. (866 796-3441, banks and brokers 212 269-5550) is the tender agent and information agent.
Isle of Capri is a St. Louis-based gaming and entertainment company.
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