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Argosy Gaming tenders for 10¾% notes
New York, Feb. 2 - Argosy Gaming Co. (B2/BB) said it has begun a cash tender offer for all of its outstanding $350 million of 10¾% senior subordinated notes due 2009.
The company also is soliciting noteholder consents to proposed changes in the notes' indenture that would eliminate the subsidiary guarantee provisions, substantially all restrictive covenants and certain event of default provisions.
The company set 5 p.m. ET Feb. 11 as a consent deadline and said the tender offer would expire at 11:59 p.m. ET Feb. 27, with both deadlines subject to possible extension.
Argosy Gaming, an Alton, Ill.-based gaming operator, said it would pay $1,081.53 per $1,000 principal amount of notes tendered by the consent deadline and accepted for purchase, including a consent payment of $35 per $1,000 principal amount. Holders tendering after the consent deadline but before the offer expiration will receive the tender offer price of $1,046.53 per $1,000 principal amount but no consent payment. All tendering holders will also receive accrued and unpaid interest on their notes.
The company said the tender offer is conditioned upon, among other things, holders having delivered consents representing at least a majority of the outstanding principal amount of the notes by the consent deadline, excluding any notes owned by the company, the guarantors of the notes or any affiliates of the company or the guarantors. Other conditions include holders having tendered and not withdrawn at least a majority of the notes not owned by the company, the guarantors or their affiliates, by the consent deadline; and Argosy Gaming having obtained financing to pay the consideration, costs and fees of the tender offer and consent solicitation.
Morgan Stanley is the dealer manager for the tender offer (call 800-624-1808); MacKenzie Partners Inc. is the information agent (banks and brokers, call collect at 212-929-5500; all others call 800-322-2885).
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