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Ameristar Casinos holders tender $649.53 million 9¼% notes due 2014
By Susanna Moon
Chicago, April 26 - Ameristar Casinos, Inc. said it completed the tender offer for its $650 million of 9¼% senior notes due 2014 and planned to settle the notes on April 26.
Holders tendered $649,533,000 of the 9¼% notes by the tender offer expiration at 11:59 p.m. ET on April 25. The offer began on March 29.
The purchase price is $1,100.14 for each $1,000 principal amount of notes tendered by the consent date, including a consent fee of $30.00 per $1,000 principal amount.
Holders who tendered after the consent date will receive $1,070.14 for each $1,000 principal amount, which excludes the consent payment.
The company also will pay accrued interest up to but excluding the settlement date.
The company said on April 11 that it obtained consents from holders of $649,531,000, or 99.9%, of the notes by the consent deadline of 5 p.m. ET on April 11 and, as a result, executed a supplemental indenture.
The offer was 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.
As already announced, Ameristar said on Feb. 28 that it planned to secure $2.1 billion of new debt to retire $1.5 billion of existing debt, to fund a share repurchase and 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) were the dealer managers and solicitation agents. D.F. King & Co., Inc. (800 829-6551 or, for banks and brokers, 212 269-5550) was the depositary and information agent for the offer.
Ameristar is a Las Vegas-based gaming and entertainment company.
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