Isle of Capri Casinos, Inc. Completes new Senior Credit Facility; Files Amended 3rd Quarter 10-Q
July 26 2007 - 3:00PM
PR Newswire (US)
ST. LOUIS, July 26 /PRNewswire-FirstCall/ -- Isle of Capri Casinos,
Inc. (NASDAQ:ISLE) today announced that the Company has entered
into a new senior secured credit facility totaling $1.35 billion
which will be used to replace the Company's prior $700 million
senior secured credit facility which was entered into on February
4, 2005. The new senior credit facility consists of a $475 million
five-year revolving credit facility, which matures on July 26, 2012
and an $875 million term loan facility, which matures on November
25, 2013. The $875 million term loan facility consists of a $500
million senior secured loan facility which was drawn at closing, a
$200 million senior secured delayed draw facility which may be
drawn within 35 days after closing in order to redeem the Company's
9% senior subordinated notes and a $175 million senior secured
delayed draw facility which can be drawn within twelve months after
closing, at the Company's option. The covenants in the new facility
will provide more flexibility as the Company continues to pursue
its development goals and the Company expects the refinancing to
lower its interest costs. On July 25, 2007, the Company filed its
Form 10-Q/A for its fiscal third quarter ended January 28, 2007,
restating certain of its historical financial statements.
Accordingly, the Company believes that it is now compliant with the
listing requirements of the NASDAQ Global Select Market. Isle of
Capri Casinos, Inc., founded in 1992, is dedicated to providing its
customers with an exceptional gaming and entertainment experience
at each of its 18 casino properties. The Company owns and operates
casinos in Biloxi, Lula and Natchez, Mississippi; Lake Charles,
Louisiana; Bettendorf, Davenport, Marquette and Waterloo, Iowa;
Boonville, Caruthersville and Kansas City, Missouri and a casino
and harness track in Pompano Beach, Florida. The Company also
operates and has a 57 percent ownership interest in two casinos in
Black Hawk, Colorado. Isle of Capri Casinos' international gaming
interests include a casino that it operates in Freeport, Grand
Bahama, a casino in Coventry, England, and a two-thirds ownership
interest in casinos in Dudley and Wolverhampton, England. There are
four Isle of Capri Casinos brands including "the isle," Isle of
Capri, Colorado Central Station and Rhythm City, providing over
16,000 slot machines, 550 table games and 3000 hotel rooms for our
guests' enjoyment. This press release may be deemed to contain
forward-looking statements, which are subject to change. These
forward-looking statements may be significantly impacted, either
positively or negatively by various factors, including without
limitation, licensing, and other regulatory approvals, financing
sources, development and construction activities, costs and delays,
weather, permits, competition and business conditions in the gaming
industry. The forward-looking statements are subject to numerous
risks and uncertainties that could cause actual results to differ
materially from those expressed in or implied by the statements
herein. CONTACTS: Isle of Capri Casinos, Inc., Allan B. Solomon,
Executive Vice President-561.995.6660 Donn Mitchell, Chief
Financial Officer-314.813.9319 Jill Haynes, Senior Director of
Corporate Communication-314.813.9368 NOTE: Other Isle of Capri
Casinos, Inc. press releases and a corporate profile are available
at http://www.prnewswire.com/. Isle of Capri Casinos, Inc.'s home
page is http://www.islecorp.com/. DATASOURCE: Isle of Capri
Casinos, Inc. CONTACT: Allan B. Solomon, Executive Vice President,
+1-561-995-6660, or Donn Mitchell, Chief Financial Officer,
+1-314-813-9319, or Jill Haynes, Senior Director of Corporate
Communication, +1-314-813-9368, all of Isle of Capri Casinos, Inc.
Web site: http://www.islecorp.com/
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