Dover Downs/Twin River debt expected to be refinanced with merger

By Sara Rosenberg

New York, July 23 – Dover Downs Gaming & Entertainment Inc. anticipates refinancing its debt and the debt of Twin River Worldwide Holdings Inc. in connection with the merger of the two companies, according to an 8-K filed with the Securities and Exchange Commission on Monday.

As of March 31, Dover Downs had $20 million of total debt and Twin River had $381 million of total debt.

Under the merger agreement, Dover Downs stockholders will exchange their Dover Downs stock for Twin River common shares representing 7.225% of the equity in the combined company at closing.

Citizens Capital Markets was the financial adviser to Dover Downs. Moelis & Co. LLC and Stifel were the financial advisers to Twin River.

Closing is expected by the first quarter of 2019, subject to Dover Downs shareholder approval, regulatory approvals and other customary conditions.

Dover Downs is a Dover, Del.-based gaming and entertainment resort destination. Twin River is a Lincoln, R.I.-based owner and manager of casinos.

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