Waterford Gaming tenders for 8 5/8% notes

By Jennifer Chiou

New York, Sept. 7 - Waterford Gaming, LLC and Waterford Gaming Financing Corp. said that they launched a tender offer for all of their $108.7 million of 8 5/8% senior notes due 2012.

The companies are also soliciting consents from noteholders to amend the indenture to terminate a security and control agreement, under which a security interest in an interest reserve account was granted to noteholders.

The companies said that they will purchase the notes at $1,034.75 per $1,000 principal amount, including a consent payment of $10.00 for those who tender by the early deadline of Sept. 20.

Waterford Gaming said it expects to redeem $7.6 million of notes on Sept. 17 pro rata from all outstanding notes, including those that were previously tendered.

The companies note that those who have tendered their securities before Sept. 17 will receive the redemption price in the indenture.

The offer ends at midnight ET on Oct. 4.

Merrill Lynch & Co. is the dealer manager and solicitation agent (call collect 212 449-4914 or 888 654-8637). Global Bondholder Services Corp. is the information agent (call collect 212 430-3774 or 866 389-1500).

The Waterford, Conn., casino operator originally priced $155 million of the notes in June 2003.

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