MTR Gaming extends consent deadline for 9%, 12 5/8% notes by two days

By Susanna Moon

Chicago, July 26 - MTR Gaming Group, Inc. said it extended the consent deadline for its $125 million of 9% senior subordinated notes due 2012 and its $260 million of 12 5/8% senior secured notes due 2014 to 5 p.m. ET on July 28.

The consent deadline was originally set for 5 p.m. ET on July 26. The tender offers began on July 7 and will end at 11:59 p.m. ET on Aug. 3.

Holders tendering their notes are required to consent to some proposed amendments to the indentures.

For each $1,000 principal amount, the company will pay $1,002.50 for the 9% notes and $1,065.63 for the 12 5/8% notes. These payments include a consent payment of $30.00 for each note tendered by the consent date.

Holders will also receive accrued interest up to but excluding the settlement date.

The offers are conditioned on the receipt of tenders for a majority of the 9% notes, tenders for at least two-thirds of the 12 5/8% notes and $500 million of proceeds from a proposed issue of debt securities.

MTR priced $565 million of eight-year 11½% senior secured second-lien notes on July 17 to yield 12.096%.

The dealer manager for the tender offer is J.P. Morgan Securities LLC (212 270-3994 or 800 245-8812). The information agent is MacKenzie Partners, Inc. (800 322-2885 or 212 929-5500).

MTR Gaming owns and operates casinos and racetracks. It is based in Chester, W.Va.

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