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Isle of Capri Casinos accepts tenders for $338.23 million of 7% notes
By Jennifer Chiou
New York, Aug. 22 - Isle of Capri Casinos, Inc. announced the receipt of overall tenders from holders of $338,231,000 of its $357,275,000 of outstanding 7% senior subordinated notes due 2014.
The tender offer ended at 12:01 a.m. ET on Aug. 21.
As announced earlier in the month, the company obtained consents from holders of $338,218,000 of the notes, which was enough to amend the notes to amend the notes to eliminate most of the restrictive covenants and events of default.
After receiving the needed consents, the company executed a supplemental indenture.
The consent solicitation expired at 5 p.m. ET on Aug. 6, and the company purchased all of the early tendered notes on Aug. 7.
Funding for the early purchase came from the company's $350 million of 8 7/8% eight-year senior subordinated notes, which priced at par on July 24.
As previously noted, the total purchase price was $1,003, including a $20.00 consent fee, per $1,000 principal amount of notes tendered by the consent expiration.
Holders who tendered after the early deadline received $983 per $1,000 principal amount.
The company also paid accrued interest up to but excluding the settlement date.
The offer began on July 24.
Redemption
On Aug. 9, the company called the reminder of the notes for redemption. It will redeem the leftover $19,044,000 of securities at par plus accrued interest on Sept. 7.
U.S. Bank NA is the trustee and paying agent.
The tender offer was conditioned on the company securing enough funds.
The dealer manager and solicitation agent was Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147). The tender agent and information agent was D. F. King & Co., Inc. (800 431-9643 or, for banks and brokers, 212 269-5550).
Isle of Capri Casinos is a gaming and entertainment company based in St. Louis.
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