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Riviera Holdings' 11% notes to be purchased or called by Riv Acquisition in connection with merger
By Angela McDaniels
Seattle, April 7 - Riviera Holdings Corp. said Riv Acquisition Holdings Inc. and Riv Acquisition Inc. will either tender for Riviera's outstanding 11% senior secured notes due 2010 or deposit the funds needed to redeem the notes.
Riv Acquisition Holdings and Riv Acquisition will seek to purchase a majority of the notes and obtain consents to allow for completion of the planned merger between Riviera and Riv Acquisition Holdings or redeem the notes prior to the merger, according to an 8-K report filed with the Securities and Exchange Commission.
Las Vegas-based Riviera owns and operates the Riviera Hotel and Casino in Las Vegas and the Riviera Black Hawk Casino in Black Hawk, Colo.
On Thursday, Riviera and Riv Acquisition, a company owned by a private investment group, announced that they have agreed for Riv Acquisition to buy Riviera at a price of $17.00 per share. Stock held by chief executive officer William L. Westerman will be purchased at $15.00 per share.
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