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Isle of Capri calls 5 7/8% notes remaining after tender, 8 7/8% notes
New York, May 2 – Isle of Capri Casinos, Inc. will redeem any of its 5 7/8% senior notes due 2021 remaining outstanding after the end of its tender offer and all of its 8 7/8% senior subordinated notes due 2020.
The 5 7/8% notes will be repaid on May 31 at 102.938% of par plus accrued interest up to but excluding the redemption date, according to an 8-K filing with the Securities and Exchange Commission.
For the 8 7/8% notes, the redemption date will be June 15 and the payment will be 102.219% of par plus accrued interest up to but excluding the redemption date.
The company has $350 million of the 8 7/8% notes outstanding, according to a notice from the issuer.
On Monday, Isle of Capri said it had received tenders for $252.91 million principal amount, or 56.2%, of its $450 million 5 7/8% notes by the early tender deadline of 5 p.m. ET on April 28.
Early tenders were settled on May 1 at a price of $1,031.88 per $1,000 principal amount of notes, which included an early tender payment of $2.50. The company also paid accrued interest up to but excluding the payment date.
After early settlement, there were $197.09 million of the notes still outstanding.
The tender offer will remain open until 11:59 p.m. ET on May 12. Any further tendered notes will be purchased at $1,029.38 per $1,000 principal amount of notes plus accrued interest.
The tender and redemptions are being conducted alongside the acquisition of the company by Eldorado Resorts, Inc., which closed on Monday.
Isle of Capri is a St. Louis-based gaming and entertainment company. Eldorado Resorts is a Reno, Nev.-based casino entertainment company.
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