Kerzner accepts tenders for 98.7% of 6¾% notes

By Laura Lutz

Des Moines, Aug. 31 - Kerzner International Ltd. settled the tender offer for its outstanding 6¾% senior subordinated notes due 2015, accepting tenders for 98.7% of the outstanding notes.

As previously reported, Kerzner will pay $1,071.67 plus accrued interest per $1,000.00 of principal amount, including a $20.00 consent payment, for notes tendered by the consent deadline. Notes tendered after the consent deadline will not receive the consent payment.

Kerzner had received tenders for 97.6% of the notes by the Aug. 15 consent deadline.

The consents allowed Kerzner to eliminate substantially all of the restrictive covenants and some events of default and related provisions from the note indenture.

The offer, set to expire on Aug. 29 when it was announced on Aug. 1, was recently extended to Aug. 31.

The tender offer was completed in conjunction with the company's going-private transaction, approved by shareholders on Aug. 28, in which each share of the company was cancelled and converted into the right to receive $81.00 in cash, without interest.

MacKenzie Partners, Inc. was the information agent (800 322-2885 or 212 929-5500) for the tender offer. Deutsche Bank Securities Inc. was the dealer manager (800 553-2826).

Kerzner is a resort and hotel operator based in Plantation, Fla.

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