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Ameristar Casinos tenders for $650 million 9¼% senior notes due 2014
By Susanna Moon
Chicago, March 29 - Ameristar Casinos, Inc. said it began a cash tender offer and consent solicitation for its $650 million principal amount of 9¼% senior notes due 2014.
Ameristar will pay $1,100.14 for each $1,000 principal amount of notes tendered by the consent deadline at 5 p.m. ET on April 11. The total payment includes a consent fee of $30.00 per $1,000 principal amount.
Holders tendering after the consent expiration will receive $1,070.14 for each $1,000 principal amount, which excludes the consent payment.
The company also will pay accrued interest to but not including the settlement date.
The offer will run until 11:59 p.m. ET on April 25.
Tendered notes may be withdrawn and consents revoked before 5 p.m. ET on April 11.
Holders may not tender their notes without delivering consents or deliver consents without tendering their notes.
There may be an early settlement date for holders who tender notes by the consent date.
The offer is conditioned on the receipt of consents from holders of a majority of the notes, the execution of a supplemental indenture amending the notes and the completion of new debt financing with enough proceeds to fund the offer.
Ameristar said on Feb. 28 that it planned to secure $2.1 billion of new debt to retire $1.5 billion of existing debt and to fund a share repurchase as well as for general working capital purposes.
Wells Fargo Securities, LLC (866 309-6316 or collect 704 715-8341) and Deutsche Bank Securities Inc. (855 287-1922 or collect 212 250-7527) are the dealer managers and solicitation agents. D.F. King & Co., Inc. (800 829-6551 or, for banks and brokers, 212 269-5550) is the depositary and information agent for the offer.
Ameristar is a Las Vegas-based gaming and entertainment company.
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