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Peninsula Gaming to redeem 8¾%, 11%, 13% notes, pay down facility using notes proceeds
By Jennifer Chiou
New York, July 15 - Peninsula Gaming, LLC announced plans to redeem all of its 8¾% senior secured notes due 2012, 11% senior secured notes due 2012 and 13% senior notes due 2010 using the partial proceeds from a $530 million two-part high-yield notes offering.
The company said it also intends to reduce outstanding borrowings under its existing senior secured credit facility with the proceeds.
As already noted, the Dubuque, Iowa-based gaming firm plans to sell $215 million of six-year senior secured notes, which come with three years of call protection, and $315 million of eight-year senior unsecured notes, which come with four years of call protection.
Remaining proceeds will be used to fund the acquisition of the Amelia Belle Casino, located near Morgan City, La.
Peninsula owns and operates gaming facilities is Iowa and Louisiana.
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