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MTR Gaming Group gets consents needed to amend 9%, 12 5/8% notes
By Angela McDaniels
Tacoma, Wash., Aug. 2 - MTR Gaming Group, Inc. received enough consents from its noteholders to amend its $125 million of 9% senior subordinated notes due 2012 and its $260 million of 12 5/8% senior secured notes due 2014, according to a company news release.
Tender offers and consent solicitations for the notes began on July 7 and will end at 11:59 p.m. ET on Aug. 3. Holders who tender their notes are required to consent to the amendments.
The company has executed supplemental indentures that eliminate substantially all of the restrictive covenants contained in the note indentures and release the collateral securing the company's obligations under the 12 5/8% notes.
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 5 p.m. ET on July 28, the consent date.
Holders will also receive accrued interest up to but excluding the settlement date.
Any notes that remain outstanding following the completion of the tender offers will be redeemed on Aug. 31.
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. These conditions have been met.
The dealer manager 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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