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Eldorado tenders, seeks consents for units’ 8 5/8% notes, 11˝% notes
By Susanna Moon
Chicago, July 13 – Eldorado Resorts, Inc. said it began a cash tender offer and consent solicitation for the $168 million principal amount of outstanding 8 5/8% senior secured notes due 2019 issued by wholly owned subsidiaries Eldorado Resorts LLC and Eldorado Capital Corp.
In addition, the company also began a cash tender offer and consent solicitation for the $560.7 million principal amount of outstanding 11˝% senior secured second-lien notes due 2019 issued by wholly owned subsidiary MTR Gaming Group, Inc., according to a company notice.
The total purchase price for each $1,000 principal amount will be $1,047.92 for the 8 5/8% notes and $1,066.39 for the 11˝% notes.
The total amount includes a cash consent payment of $30.00 per $1,000 principal amount of notes tendered by 5 p.m. ET on July 22, the consent date.
Those who tender after the early deadline will receive the total payment less the consent premium for a tender payment per $1,000 principal amount of $1,017.92 for the 8 5/8% notes and $1,036.39 for the 11˝% notes.
Holders also will receive accrued interest up to but excluding the payment date.
The tender offers will end at 12 a.m. ET on Aug. 7.
Tendered notes may be withdrawn by the earlier of 5 p.m. ET on July 22 and the date and time the supplemental indenture is executed.
Holders who tender their notes must consent to proposed amendments to the note indentures.
J.P. Morgan Securities LLC (212 270-1200 or 800 245-8812) is the dealer manager and solicitation agent. Ipreo LLC (888 593-9546) is the information agent and depositary.
Eldorado Resorts is a Reno, Nev.-based casino entertainment company.
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