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River Rock exploring options for handing maturity of notes in 2011
By Jennifer Lanning Drey
Portland, Ore., March 31 - River Rock Entertainment Authority is in contact with various financial institutions regarding the November 2011 maturity of its senior notes and is actively exploring its options for handling the obligation, Joseph Callahan, chief financial officer and acting chief executive officer of River Rock, said Wednesday.
Options being explored include a potential refinancing of the notes, Callahan said during River Rock's fourth-quarter and year-end earnings conference call.
"No one wants to approach the November 2011 date still worrying about this, so we're working very heavily," he said during the question-and-answer portion of the call.
"We are in constant preparation to take advantage of any opportunity that might arise, including bank opportunities or high-yield bond opportunities," he said.
River Rock had $31.6 million of cash on hand, net of restricted cash, at Dec. 31.
The company believes the amount, combined with its operating cash flows will be sufficient to meet its existing debt obligations, current planned operational capital expenditures and working capital needs, Callahan said.
River Rock reported net cash provided by operating activities of $14.0 million for the three-month period ended Dec. 31.
The company posted fourth-quarter net revenues of $31.8 million and EBITDA of $13.0 million.
The figures compared with net revenues of $31.4 million and EBITDA of $11.7 million in the same three months of 2008.
River Rock Entertainment is a Geyserville, Calif., casino operator controlled by the Dry Creek Rancheria Band of Pomo Indians.
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