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Ameristar Casinos records needed consents for 9¼% notes due 2014
By Jennifer Chiou
New York, April 11 - Ameristar Casinos, Inc. said it obtained consents from holders of $649,531,000, or 99.9%, of its $650 million of 9¼% senior notes due 2014 in the solicitation and tender offer for the securities.
As a result, the company said it has executed a supplemental indenture.
The tenders and consents were received as of 5 p.m. ET on April 11, the consent deadline, and Ameristar will pay $1,100.14 for each $1,000 principal amount of notes tendered by that time, including a consent fee of $30.00 per $1,000 principal amount.
Holders tendering after the consent expiration will receive $1,070.14 for each $1,000 principal amount, which excludes the consent payment.
The company also will pay accrued interest to but not including the settlement date.
The offer will run until 11:59 p.m. ET on April 25. It began on March 29.
Holders may not tender their notes without delivering consents or deliver consents without tendering their notes, and the withdrawal deadline has now passed.
Early settlement is anticipated for April 14.
The offer is conditioned on the receipt of consents from holders of a majority of the notes, the execution of a supplemental indenture amending the notes and the completion of new debt financing with enough proceeds to fund the offer.
As already announced, Ameristar said on Feb. 28 that it planned to secure $2.1 billion of new debt to retire $1.5 billion of existing debt and to fund a share repurchase as well as for general working capital purposes.
Wells Fargo Securities, LLC (866 309-6316 or collect 704 715-8341) and Deutsche Bank Securities Inc. (855 287-1922 or collect 212 250-7527) are the dealer managers and solicitation agents. D.F. King & Co., Inc. (800 829-6551 or, for banks and brokers, 212 269-5550) is the depositary and information agent for the offer.
Ameristar is a Las Vegas-based gaming and entertainment company.
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