Isle of Capri Casinos tenders for all $450 million 5 7/8% senior notes due 2021 at 103.188

By Susanna Moon

Chicago, April 17 – Isle of Capri Casinos, Inc. is tendering for its $450 million of outstanding 5 7/8% senior notes due 2021.

The total purchase price will be $1,031.88 per $1,000 principal amount of notes tendered by 5 p.m. ET on April 28.

The total payment includes an early tender payment of $2.50 per $1,000 principal amount.

Holders who tender after the early deadline will receive $1,029.38 per $1,000 principal amount.

The company also will pay accrued interest up to but excluding the payment date, which will be May 1 for early tendered notes and May 15 for any remaining tenders.

The tender offer will remain open until 11:59 p.m. ET on May 12.

Tendered notes may be withdrawn before the early tender date.

The tender is contingent on closing of the merger with Eagle I Acquisition Corp., a wholly owned subsidiary of Eldorado Resorts, Inc., according to a company press release.

J.P. Morgan Securities LLC (212 834-4811 or 866 834-4666) is the dealer manager. D.F. King & Co., Inc., at (866 530-8636, 212 269-5550 or isle@dfking.com).

As announced, the company called $50 million of the 5 7/8% notes for redemption on April 11 at 102.938 plus accrued interest to but excluding the redemption date.

The redemption was to be funded using proceeds of the company’s recent sale of property in Marquette, Iowa, available cash and credit facility borrowings.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.