Eldorado Resorts plans to repurchase or redeem 8 5/8% and 11½% notes

By Susanna Moon

Chicago, July 8 – Eldorado Resorts, Inc. said it plans to repurchase or redeem all of the outstanding 8 5/8% senior secured notes due 2019 issued by Eldorado Resorts LLC and Eldorado Capital Corp. and all of the outstanding 11½% senior secured second-lien notes due 2019 issued by MTR Gaming Group, Inc.

Eldorado Resorts will fund the redemptions or repurchases with proceeds from an offering of $375 million principal amount of senior notes due 2023, according to a company press release.

Proceeds also will be used to purchase all of the assets of Circus Circus Reno and the 50% interest in the Silver Legacy joint venture that is owned by a subsidiary of MGM Resorts International and repay all amounts outstanding under the Silver Legacy Joint Venture credit facility.

The company said it also plans to draw from a proposed new $425 million term loan and a proposed new $150 million revolving credit facility, use proceeds from the planned sale of equity securities and cash on hand.

Eldorado Resorts is a Reno, Nev.-based casino entertainment company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.