ST. LOUIS, Aug. 7, 2012 /PRNewswire/ -- Isle of Capri
Casinos, Inc. (Nasdaq: ISLE) (the "Company") announced today the
successful completion of its consent solicitation with respect to
its outstanding 7% Senior Subordinated Notes due 2014 (the "2014
Notes").
On July 24, 2012, the Company
commenced a cash tender offer (the "Tender Offer") for any and all
of its outstanding 2014 Notes and a solicitation of consents to
eliminate most of the restrictive covenants and events of default
in the indenture governing the 2014 Notes (the "Consent
Solicitation").
The Consent Solicitation expired at 5:00
p.m., New York City time,
on August 6, 2012 (the "Consent
Expiration Time"). As of the Consent Expiration Time, the
Company had received tenders and consents representing $338,218,000 in aggregate principal amount of the
outstanding 2014 Notes. The amount of consents received exceeded
the consents needed to amend the indenture governing the 2014
Notes. Accordingly, on August 7,
2012, the Company accepted for purchase all such 2014 Notes
validly tendered as of the Consent Expiration Time and the Company,
the guarantors of the 2014 Notes and U.S. Bank National
Association, as trustee, executed a supplemental indenture that
eliminates most of the restrictive covenants and events of default
in the related indenture.
The Company made a cash payment to the holders who validly
tendered 2014 Notes on or prior to the Consent Expiration Time of
$1,003 per $1,000 principal amount of 2014 Notes tendered,
which includes a consent payment of $20 (the "Consent Payment") and the tender offer
consideration of $983 (the "Tender
Offer Consideration"). The Company funded this payment with a
portion of the net proceeds of its previously announced private
offering of $350 million 8.875% Senior Subordinated Notes due
2020, which also closed today.
The Tender Offer is scheduled to expire at 12:01 a.m., New York
City time, on August 21, 2012
(the "Expiration Time"). Holders who validly tender 2014 Notes
after the Consent Expiration Time and prior to the Expiration Time,
will be eligible to receive the Tender Offer Consideration, but not
the Consent Payment, on the final settlement date, which will occur
promptly following the Expiration Time and is expected to be
August 22, 2012.
If any 2014 Notes remain outstanding after the consummation of
the Tender Offer, the Company expects to redeem such 2014 Notes in
accordance with the terms and conditions set forth in the related
indenture.
The Company has retained Credit Suisse Securities (USA) LLC to serve as dealer manager and
solicitation agent, and D. F. King
& Co., Inc. to serve as tender agent and information agent, for
the Tender Offer and Consent Solicitation. Requests for the Offer
to Purchase and other related materials may be directed to
D. F. King & Co., Inc. at (800)
431-9643 or at 48 Wall Street, 22nd Floor, New York, New York 10005 or, if requested by a
bank or broker, by calling (212) 269-5550 collect. Questions
regarding the Tender Offer and Consent Solicitation may be directed
to Credit Suisse Securities (USA)
LLC, Attn: Liability Management Group at (800) 820-1653 or by
calling (212) 538-2147 collect.
This press release shall not constitute an offer to purchase, or
the solicitation of an offer to sell, nor shall there be any offer
or sale of, any security in any jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
The Tender Offer and Consent Solicitation are being made solely
pursuant to the Offer to Purchase and the Letter of Transmittal.
None of the Company, Credit Suisse Securities (USA) LLC, or D. F.
King & Co., Inc., makes any recommendation that the
holders should tender or refrain from tendering all or any portion
of the principal amount of their 2014 Notes pursuant to the Tender
Offer and Consent Solicitation. Holders must make their own
decision as to whether to tender their 2014 Notes.
About Isle of Capri Casinos, Inc.
Isle of Capri Casinos, Inc. is a leading
regional gaming and entertainment company dedicated to providing
guests with exceptional experience at each of the 15 casino
properties that it owns and operates, primarily under the Isle and
Lady Luck brands. The Company currently owns and operates
gaming and entertainment facilities in Mississippi, Louisiana, Iowa, Missouri, Colorado and Florida. The Company is also currently
developing a new facility in Cape
Girardeau, Missouri and has been licensed to develop a new
facility with Nemacolin Woodlands Resort in Western Pennsylvania. More information is
available at the Company's website,
www.islecorp.com.
Forward-Looking Statements
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.
Additional information concerning potential factors that
could affect the Company's financial condition, results of
operations and expansion projects is included in the filings of the
Company with the Securities and Exchange Commission, including, but
not limited to, its Form 10-K for the most recently ended fiscal
year.
Contacts
For Isle of Capri Casinos, Inc.,
Dale R. Black, Chief Financial
Officer-314.813.9327
Jill Alexander, Senior
Director Corporate Communication-314.813.9368
SOURCE Isle of Capri Casinos, Inc.